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
- 2/9/2018
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Bank of America Corp.
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Summary:
Weekly :Lane's Stochastic is overboughtOversold sectorBroken trend resistance linePrice is near the Fibonacci 23.6% retracement level
Daily :The price has fallen below the Parabolic SARBullish Harami CandlestickThe price has declined below the moving average in the center of the Bollinger BandsPrice is close to the 50 Day Moving Average
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 -1.62 points, or -5.07%, and closed at 30.33 on Friday, February 09, 2018. Weekly volume was 88% above average.

BAC is a member of Financial Sector. Financial is the second most oversold 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 BAC long-term trend chart]
A long-term uptrend had started on February 20, 2009 at 2.53 and reached 32.67 on February 2, 2018. BAC gained -30.14 points, or -1191.30%, in 467 weeks. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (13.17) 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 uptrend had started on June 6, 2017 at 22.07 and reached 32.67 on February 2, 2018. BAC gained -10.60 points, or -48.03%, in 34 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See BAC 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 September 29, 2017. This is an indication that the medium-term trend is up. 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 September 7, 2017 at 22.75 and reached 32.67 on February 2, 2018. BAC gained -9.92 points, or -43.60%, in 148 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 29.84 and resistance is at 32.62. 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 BAC daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since January 30, 2018. The distance between MACD and the signal line is near its high and getting bigger.

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.

During the last week, the price has declined below 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.

Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See BAC candlestick chart pattern]
On Friday the chart has formed a Bullish Harami Candlestick pattern. A Bullish Harami indicates that the bearish trend may be reversing, it signals that it's a good time to enter into a long position. Use the Technical Stock Screener to see the list of stocks that had a Bullish Harami Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.04
Williams' Percentage Range (W%R) 70.60
Lane's Stochastic (%D-Slow) 40.02
Greed/Fear Indicator (GFI) 35.81
Moving Average Converg./Diverg. (MACD) 0.44
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.98
Williams' Percentage Range (W%R) 30.90
Lane's Stochastic (%D-Slow) 87.20
Overbought
Greed/Fear Indicator (GFI) 72.51
Moving Average Converg./Diverg. (MACD) 1.60
Trading Signals
Description Value Chart
Weekly Trendline Resistance 32.62
Upper Bollinger Band 32.51
Parabolic System 32.36
Weekly Stochastic Crossing 32.08
20 Day Moving Average 31.52
Daily Stochastic Crossing 30.62
Price 30.33
50 Day Moving Average 30.26
Weekly Trendline Support 29.84
Lower Bollinger Band 29.65
Sector and Industry
Description Name Rank
Sector Financial 2
Industry Money Center Banks 131
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 32.67
High Date 02/02/2018
Low 29.13
Low Date 02/09/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 32.62
Support 29.84
Low 22.75
Low Date 09/07/2017
High 32.67
High Date 02/02/2018
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 22.07
Low Date 06/06/2017
High 32.67
High Date 02/02/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 10.99
Low Date 02/11/2016
High 32.67
High Date 02/02/2018
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 17.81
Support 13.17
Low 2.53
Low Date 02/20/2009
High 32.67
High Date 02/02/2018
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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