The Greedy Trader Weekly Analysis
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Yearly Pattern:Rising Pennant
Number of records: 3
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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
- 8/10/2018
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Bank of America Corp.
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Summary:
Weekly :Broken trend resistance lineBroken trend resistance lineWeekly  MACD line has moved above its signal line
Daily :Stochastic has declined below the signal lineThe price has fallen below the Parabolic SAR
Move cursor over the icon to see details.

It was the negative week for the Bank of America Corp. (BAC). During the week, the BAC dropped -0.32 points, or -1.02%, and closed at 31.19 on Friday, August 10, 2018. It was the worst weekly loss since June 29, 2018. Weekly volume was -35% 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 (13.79) 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 March 12, 2018 at 33.05 and reached 27.63 on July 6, 2018. BAC lost 5.42 points, or 16.40%, in 16 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (27.18) is broken. A broken support is considered to be a long-term bullish signal. 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 BAC weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 July 6, 2018 at 27.63 and reached 31.91 on August 8, 2018. BAC gained -4.28 points, or -15.49%, in 33 days. The price is now at the 16.82% retracement level.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 daily MACD line is above its signal line since July 9, 2018. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.86
Williams' Percentage Range (W%R) 21.40
Lane's Stochastic (%D-Slow) 71.80
Greed/Fear Indicator (GFI) 69.42
Moving Average Converg./Diverg. (MACD) 0.55
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.92
Williams' Percentage Range (W%R) 25.30
Lane's Stochastic (%D-Slow) 74.66
Greed/Fear Indicator (GFI) 66.57
Moving Average Converg./Diverg. (MACD) 0.25
Trading Signals
Description Value Chart
Upper Bollinger Band 32.07
Parabolic System 31.94
Daily Stochastic Crossing 31.56
Weekly Stochastic Crossing 31.30
Price 31.19
20 Day Moving Average 30.91
50 Day Moving Average 29.78
Lower Bollinger Band 29.57
Monthly Trendline Resistance 29.07
Monthly Trendline Support 27.18
Sector and Industry
Description Name Rank
Sector Financial 5
Industry Money Center Banks 99
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 31.91
High Date 08/08/2018
Low 30.90
Low Date 08/10/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 27.63
Low Date 07/06/2018
High 31.91
High Date 08/08/2018
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 29.07
Support 27.18
High 33.05
High Date 03/12/2018
Low 27.63
Low Date 07/06/2018
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 17.68
Support 13.79
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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