The Greedy Trader Weekly Analysis
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Weekly Pattern:Rectangle
Number of records: 5
Symbol:  

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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis
A rectangle chart pattern is characterized as a short-term horizontal channel, and it represents a trading range and indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark significant top and bottom. The rectangle pattern within a younger parent trend has more chances to mark a continuation. To estimate the maturity of the parent trend, consult technical indicators. Volume should increase during breakout, but in contrast with other continuation patterns, the rectangle does not inherit standard volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold daily indicators. The pattern resets short-term indicators to neutral and then continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend characterized by overbought/oversold indicators on long and short time frames. This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
Rectangle, chart pattern, charts, pattern, chart analysis, pattern recognition, screener, screening, Trading Signals
BIOGEN IDEC INC
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Summary:
Weekly :Broken trend resistance line
Daily :Relative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overbought
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It was a third consecutive positive week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gained 6.20 points, or 2.09%, and closed at 303.29 on Friday, June 08, 2018. Weekly volume was -10% below average.

Long-term trend: [See BIIB long-term trend chart]
A long-term uptrend had started on June 27, 2016 at 223.02 and reached 370.57 on January 26, 2018. BIIB gained -147.55 points, or -66.16%, in 82 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 269.66 and resistance is at 377.82. 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 long-term trend.

Medium-term trend: [See BIIB medium-term trend chart]
A medium-term uptrend had started on April 24, 2018 at 249.17 and reached 307.91 on June 7, 2018. BIIB gained -58.74 points, or -23.57%, in 6 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (290.45) 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 medium-term trend.

Weekly Technical Indicators: [See BIIB weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since May 25, 2018. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See BIIB short-term trend chart]
A short-term uptrend had started on May 2, 2018 at 264.03 and reached 307.91 on June 7, 2018. BIIB gained -43.88 points, or -16.62%, in 36 days. The chart has formed a Symmetric Triangle chart pattern.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic or strongly overbought daily 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is above its signal line since April 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.73
Overbought
Williams' Percentage Range (W%R) 9.60
Strong Overbought
Lane's Stochastic (%D-Slow) 89.75
Overbought
Greed/Fear Indicator (GFI) 87.95
Overbought
Moving Average Converg./Diverg. (MACD) 6.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.43
Williams' Percentage Range (W%R) 54.30
Lane's Stochastic (%D-Slow) 79.26
Greed/Fear Indicator (GFI) 59.78
Moving Average Converg./Diverg. (MACD) -8.63
Trading Signals
Description Value Chart
Upper Bollinger Band 308.80
Daily Stochastic Crossing 305.87
Price 303.29
Weekly Stochastic Crossing 299.74
Parabolic System 297.69
Weekly Trendline Support 290.45
Weekly Trendline Resistance 290.38
20 Day Moving Average 288.88
50 Day Moving Average 276.28
Lower Bollinger Band 271.58
Quarterly Trendline Support 269.66
Sector and Industry
Description Name Rank
Sector Healthcare 7
Industry Biotechnology 60
Daily Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Low 264.03
Low Date 05/02/2018
High 307.91
High Date 06/07/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 290.38
Support 290.45
Low 249.17
Low Date 04/24/2018
High 307.91
High Date 06/07/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 370.57
High Date 01/26/2018
Low 249.17
Low Date 04/24/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 377.82
Support 269.66
Low 223.02
Low Date 06/27/2016
High 370.57
High Date 01/26/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 480.18
High Date 03/20/2015
Low 223.02
Low Date 06/27/2016
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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