The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations

Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.

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- 3/15/2024 -
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Ameriprise Financial (AMP) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance lineBroken trend resistance line
Daily :Daily  MACD line has moved below its signal line
Move cursor over the icon to see details.

It was a sixth consecutive positive week for the Ameriprise Financial (AMP). During the week, the AMP gained 7.48 points, or 1.82%, and closed at 419.49 on Friday, March 15, 2024. Weekly volume was -10% below average.

AMP is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See AMP long-term trend chart]
A long-term uptrend had started on November 21, 2008 at 11.74 and reached 421.85 on March 15, 2024. AMP gained -410.11 points, or -3493.27%, in 799 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (147.87) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See AMP medium-term trend chart]
A medium-term uptrend had started on March 18, 2020 at 80.01 and reached 421.85 on March 15, 2024. AMP gained -341.84 points, or -427.25%, in 208 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (328.20) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See AMP weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See AMP short-term trend chart]
A short-term uptrend had started on October 25, 2023 at 306.63 and reached 421.85 on March 15, 2024. AMP gained -115.22 points, or -37.58%, in 142 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 411.96 and resistance is at 441.27. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See AMP daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.48
Williams' Percentage Range (W%R) 36.30
Lane's Stochastic (%D-Slow) 66.64
Greed/Fear Indicator (GFI) 66.26
Moving Average Converg./Diverg. (MACD) 6.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 89.52
Overbought Bearish
Williams' Percentage Range (W%R) 9.90
Strong Overbought
Lane's Stochastic (%D-Slow) 89.18
Overbought Bearish
Greed/Fear Indicator (GFI) 80.99
Overbought
Moving Average Converg./Diverg. (MACD) 16.43 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 441.27
Upper Bollinger Band 421.43
Price 419.49
Daily Stochastic Crossing 417.64
Weekly Stochastic Crossing 417.04
Weekly Trendline Support 411.96
20 Day Moving Average 409.29
Parabolic System 407.08
Lower Bollinger Band 395.95
50 Day Moving Average 395.54
Quarterly Trendline Resistance 372.64
Monthly Trendline Resistance 358.83
Monthly Trendline Support 336.33
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Asset Management & Custody Banks 41
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 368.41
Low Date 01/17/2024
High 421.85
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 441.27
Support 411.96
Low 306.63
Low Date 10/25/2023
High 421.85
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 358.83
Support 336.33
Low 219.99
Low Date 07/14/2022
High 421.85
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 372.64
Support 328.20
Low 80.01
Low Date 03/18/2020
High 421.85
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 292.05
Support 147.87
Low 11.74
Low Date 11/21/2008
High 421.85
High Date 03/15/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.