The Greedy Trader Weekly Analysis
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Yearly Pattern:Rising Pennant
Number of records: 2
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

Archive
- 11/9/2018
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Bank of America Corp.
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Summary:
Weekly :Broken trend resistance lineStochastic signal line moved above oversold area
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtThe price moved above the moving average in the center of the Bollinger Bands
Move cursor over the icon to see details.

It was a second positive week after 3 consecutive negative weeks for the Bank of America Corp. (BAC). During the week, the BAC gained 0.63 points, or 2.26%, and closed at 28.52 on Friday, November 09, 2018. Weekly volume was -30% below average.

Long-term trend: [See BAC long-term trend chart]
A long-term uptrend had started on February 20, 2009 at 2.53 and reached 33.05 on March 12, 2018. BAC gained -30.52 points, or -1206.32%, in 472 weeks. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (14.10) 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 BAC medium-term trend chart]
A medium-term downtrend had started on August 8, 2018 at 31.91 and reached 25.95 on October 26, 2018. BAC lost 5.96 points, or 18.68%, in 11 weeks. The price is now at the 43.12% retracement level.

Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 link to access Lane's Stochastic help.

The weekly MACD line is below its signal line since September 21, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term downtrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See BAC short-term trend chart]
A short-term uptrend had started on October 26, 2018 at 25.95 and reached 29.12 on November 8, 2018. BAC gained -3.17 points, or -12.22%, in 13 days. The price is now at the 18.93% retracement level.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since October 31, 2018. This is an indication that the short-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term uptrend is strong.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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) 62.34
Williams' Percentage Range (W%R) 13.60
Overbought
Lane's Stochastic (%D-Slow) 88.96
Overbought
Greed/Fear Indicator (GFI) 79.24
Moving Average Converg./Diverg. (MACD) -0.50
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.75
Williams' Percentage Range (W%R) 53.00
Lane's Stochastic (%D-Slow) 23.13
Greed/Fear Indicator (GFI) 37.88
Moving Average Converg./Diverg. (MACD) -0.05
Trading Signals
Description Value Chart
Upper Bollinger Band 29.82
50 Day Moving Average 29.25
Daily Stochastic Crossing 28.90
Price 28.52
20 Day Moving Average 27.71
Weekly Stochastic Crossing 27.28
Parabolic System 27.25
Lower Bollinger Band 26.49
Sector and Industry
Description Name Rank
Sector Financial 5
Industry Money Center Banks 51
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 25.95
Low Date 10/26/2018
High 29.12
High Date 11/08/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 31.91
High Date 08/08/2018
Low 25.95
Low Date 10/26/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.05
High Date 03/12/2018
Low 25.95
Low Date 10/26/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 10.99
Low Date 02/11/2016
High 33.05
High Date 03/12/2018
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 17.61
Support 14.10
Low 2.53
Low Date 02/20/2009
High 33.05
High Date 03/12/2018
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.

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