The Greedy Trader Weekly Analysis
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Monthly Pattern:Symmetric Triangle
Number of records: 8
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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 :Overbought sectorBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range is overboughtTrend resistance at 77.96
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtDaily  MACD line has moved above its signal lineThe price touches the upper Bollinger BandThe period of low volatility of the stock price
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It was a second consecutive positive week for the Best Buy Co., Inc. (BBY). During the week, the BBY gained 2.63 points, or 3.46%, and closed at 78.71 on Friday, August 10, 2018. It was the best weekly gain since June 8, 2018. Weekly volume was -55% below average.

BBY is a member of Services Sector. Services is the second 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 BBY long-term trend chart]
A long-term uptrend had started on December 27, 2012 at 11.20 and reached 79.90 on May 16, 2018. BBY gained -68.70 points, or -613.39%, in 280 weeks. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (37.65) 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 BBY medium-term trend chart]
A medium-term uptrend had started on January 15, 2016 at 25.31 and reached 79.90 on May 16, 2018. BBY gained -54.59 points, or -215.69%, in 121 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (77.96). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See BBY weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.

The weekly MACD line is below its signal line since May 18, 2018. The distance between MACD and the signal line is low and getting smaller. 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 July 30, 2018 at 73.78 and reached 79.25 on August 10, 2018. BBY gained -5.47 points, or -7.41%, in 11 days. The price is now at the 9.87% 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. Use the following link to access Lane's Stochastic help.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

The price touches the upper Bollinger Band. The distance between the Bollinger Bands is falling, and it was 6.15% on Friday. It is 51.15% lower than one year average. It indicates the period of low volatility of the stock price. 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) 64.35
Williams' Percentage Range (W%R) 18.50
Overbought
Lane's Stochastic (%D-Slow) 88.13
Overbought
Greed/Fear Indicator (GFI) 78.00
Moving Average Converg./Diverg. (MACD) 0.44
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.31
Williams' Percentage Range (W%R) 12.50
Overbought
Lane's Stochastic (%D-Slow) 71.65
Greed/Fear Indicator (GFI) 69.77
Moving Average Converg./Diverg. (MACD) 2.47
Trading Signals
Description Value Chart
Daily Stochastic Crossing 78.80
Upper Bollinger Band 78.72
Price 78.71
Quarterly Trendline Resistance 77.96
Weekly Stochastic Crossing 77.36
20 Day Moving Average 76.24
Parabolic System 76.23
50 Day Moving Average 75.00
Lower Bollinger Band 73.90
Quarterly Trendline Support 69.60
Sector and Industry
Description Name Rank
Sector Services 8
Industry Electronics Stores 127
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 73.78
Low Date 07/30/2018
High 79.25
High Date 08/10/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 67.55
Low Date 05/30/2018
High 79.25
High Date 08/10/2018
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 51.61
Low Date 09/19/2017
High 79.90
High Date 05/16/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Resistance
Resistance 77.96
Support 69.60
Low 25.31
Low Date 01/15/2016
High 79.90
High Date 05/16/2018
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 35.19
Support 37.65
Low 11.20
Low Date 12/27/2012
High 79.90
High Date 05/16/2018
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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