The Greedy Trader Weekly Analysis
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Weekly Pattern:Symmetric Triangle
Number of records: 4
Symbol:  

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Symmetric Triangle Chart Pattern Analysis - Symmetric Triangle Pattern.
A symmetric triangle pattern represents the area of indecision where the movement direction is questioned. Chart Pattern Analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of a larger trend, but it may also mark the trend reversal. Volume diminishes during the formation and explodes at the breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Tips:
# 1 As a continuation pattern, the symmetric triangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. The symmetric triangle resets short-term indicators to neutral and then continues movement in parent's direction.
# 2 As a reversal formation, the symmetric triangle chart 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. For the best results, the symmetric triangle pattern should be considered together with other chart pattern analysis, technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.
Symmetric Triangle Pattern,Symmetric Triangle Chart Pattern,Chart Pattern Analysis,chart pattern, charts, pattern, chart analysis, pattern recognition, screener, screening, Trading Signals
Best Buy Co., Inc.
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Summary:
Weekly :Broken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergenceThe price is above the upper Bollinger Band
Move cursor over the icon to see details.

It was a second consecutive positive week for the Best Buy Co., Inc. (BBY). During the week, the BBY gained 3.35 points, or 5.88%, and closed at 60.35 on Friday, December 01, 2017. It was the best weekly gain since July 28, 2017. BBY was trading at average weekly trading volume.

Long-term trend: [See BBY long-term trend chart]
A long-term uptrend had started on January 15, 2016 at 25.31 and reached 63.32 on August 24, 2017. BBY gained -38.01 points, or -150.18%, in 83 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 41.03 and resistance is at 68.61. 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 long-term trend.

Medium-term trend: [See BBY medium-term trend chart]
A medium-term downtrend had started on August 24, 2017 at 63.32 and reached 51.61 on September 19, 2017. BBY lost 11.71 points, or 18.49%, in 3 weeks. The chart has formed a Ascending Triangle chart pattern. The downtrend resistance line (53.23) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BBY may retest the broken resistance line. It is considered to be a support line now. 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 BBY weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since August 25, 2017. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See BBY short-term trend chart]
A short-term uptrend had started on November 16, 2017 at 52.92 and reached 60.83 on December 1, 2017. BBY gained -7.91 points, or -14.95%, in 15 days. The price is now at the 6.07% retracement level.

Daily Technical Indicators: [See BBY 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. Daily 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 daily 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 daily MACD line is above its signal line since November 22, 2017. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 71.98
Bearish
Williams' Percentage Range (W%R) 13.60
Overbought
Lane's Stochastic (%D-Slow) 87.21
Overbought Bearish
Greed/Fear Indicator (GFI) 81.84
Overbought
Moving Average Converg./Diverg. (MACD) 0.34 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 47.73
Williams' Percentage Range (W%R) 30.50
Lane's Stochastic (%D-Slow) 62.69
Greed/Fear Indicator (GFI) 62.43
Moving Average Converg./Diverg. (MACD) 1.56
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 68.61
Price 60.35
Daily Stochastic Crossing 60.34
Upper Bollinger Band 59.92
Weekly Stochastic Crossing 58.13
20 Day Moving Average 57.00
Parabolic System 56.89
50 Day Moving Average 56.45
Monthly Trendline Resistance 54.73
Lower Bollinger Band 54.71
Monthly Trendline Support 53.23
Sector and Industry
Description Name Rank
Sector Services 4
Industry Electronics Stores 72
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 52.92
Low Date 11/16/2017
High 60.83
High Date 12/01/2017
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 51.61
Low Date 09/19/2017
High 60.83
High Date 12/01/2017
Description Value
Direction Down
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 54.73
Support 53.23
High 63.32
High Date 08/24/2017
Low 51.61
Low Date 09/19/2017
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 68.61
Support 41.03
Low 25.31
Low Date 01/15/2016
High 63.32
High Date 08/24/2017
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 11.20
Low Date 12/27/2012
High 63.32
High Date 08/24/2017
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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