The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Descending 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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Aon Corp. (AON) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overbought
Daily :Lane's Stochastic is overboughtLane's Stochastic and MACD bearish divergenceThe Bollinger Bands are historically close together
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It was a second consecutive positive week for the Aon Corp. (AON). During the week, the AON climbed 2.24 points, or 0.71%, and closed at 318.99 on Friday, March 15, 2024. Weekly volume was -22% below average.

AON 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 AON long-term trend chart]
A long-term uptrend had started on August 8, 2002 at 13.30 and reached 347.37 on June 30, 2023. AON gained -334.07 points, or -2511.80%, in 1090 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (78.24) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 AON medium-term trend chart]
A medium-term uptrend had started on September 22, 2011 at 39.68 and reached 347.37 on June 30, 2023. AON gained -307.69 points, or -775.43%, in 614 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 199.10 and resistance is at 360.89. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See AON weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. 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 link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since February 23, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See AON short-term trend chart]
A short-term uptrend had started on February 2, 2024 at 289.71 and reached 323.81 on March 15, 2024. AON gained -34.10 points, or -11.77%, in 42 days. The chart has formed a Rising Channel chart pattern.

Daily Technical Indicators: [See AON daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily 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.

The daily MACD line is below its signal line since March 14, 2024. The distance between MACD and the signal line is low and getting smaller.

The distance between the Bollinger Bands (3.17%) is close to one year low (3.08%). It is 64.22% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.07
Williams' Percentage Range (W%R) 39.40
Lane's Stochastic (%D-Slow) 85.04
Overbought Bearish
Greed/Fear Indicator (GFI) 69.56
Moving Average Converg./Diverg. (MACD) 3.17 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 47.61
Williams' Percentage Range (W%R) 36.50
Lane's Stochastic (%D-Slow) 82.10
Overbought
Greed/Fear Indicator (GFI) 65.70
Moving Average Converg./Diverg. (MACD) -3.94
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 360.89
Monthly Trendline Resistance 332.09
Daily Stochastic Crossing 322.02
Upper Bollinger Band 320.66
Weekly Stochastic Crossing 320.33
Price 318.99
20 Day Moving Average 316.32
Parabolic System 314.00
Lower Bollinger Band 310.55
50 Day Moving Average 307.72
Monthly Trendline Support 269.63
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Insurance Brokers 101
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 289.71
Low Date 02/02/2024
High 323.81
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 284.85
Low Date 12/20/2023
High 323.81
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 332.09
Support 269.63
High 347.37
High Date 06/30/2023
Low 284.85
Low Date 12/20/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 360.89
Support 199.10
Low 39.68
Low Date 09/22/2011
High 347.37
High Date 06/30/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 94.77
Support 78.24
Low 13.30
Low Date 08/08/2002
High 347.37
High Date 06/30/2023
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.