The Greedy Trader Weekly Analysis
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Weekly Pattern:Rectangle
Number of records: 1
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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 :Overbought sectorBroken trend resistance line
Daily :Lane's Stochastic is overboughtPrice has crossed above the 50 Day Moving AverageBroken trend resistance lineThe price has risen above the Parabolic SARThe price touches the upper Bollinger Band
Move cursor over the icon to see details.

It was a first positive week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gained 13.64 points, or 4.26%, and closed at 333.72 on Friday, November 30, 2018. It was the best weekly gain since July 6, 2018. Weekly volume was -24% below average.

BIIB is a member of Healthcare Sector. Healthcare is the 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 BIIB long-term trend chart]
A long-term uptrend had started on June 27, 2016 at 223.02 and reached 388.67 on July 25, 2018. BIIB gained -165.65 points, or -74.28%, in 108 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 273.41 and resistance is at 378.95. 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 downtrend had started on July 25, 2018 at 388.67 and reached 288.34 on October 25, 2018. BIIB lost 100.33 points, or 25.81%, in 13 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (273.32) 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. BIIB 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 BIIB weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since October 5, 2018. This is an indication that the medium-term trend is down. 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 October 25, 2018 at 288.34 and reached 333.72 on November 30, 2018. BIIB gained -45.38 points, or -15.74%, in 36 days. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (323.51) 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 short-term trend.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily 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 daily MACD line is above its signal line since November 2, 2018. This is an indication that the short-term trend is up.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

The price touches the upper Bollinger Band. 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.

During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.86
Williams' Percentage Range (W%R) 27.80
Lane's Stochastic (%D-Slow) 82.22
Overbought
Greed/Fear Indicator (GFI) 70.43
Moving Average Converg./Diverg. (MACD) -0.75
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.87
Williams' Percentage Range (W%R) 61.40
Lane's Stochastic (%D-Slow) 43.32
Greed/Fear Indicator (GFI) 43.48
Moving Average Converg./Diverg. (MACD) 5.74
Trading Signals
Description Value Chart
Yearly Trendline Resistance 378.95
Upper Bollinger Band 334.36
Price 333.72
Daily Stochastic Crossing 331.31
Monthly Trendline Resistance 328.30
50 Day Moving Average 327.34
Weekly Trendline Support 323.51
20 Day Moving Average 322.02
Weekly Trendline Resistance 320.76
Weekly Stochastic Crossing 316.91
Lower Bollinger Band 311.45
Parabolic System 311.09
Yearly Trendline Support 273.41
Monthly Trendline Support 273.32
Sector and Industry
Description Name Rank
Sector Healthcare 9
Industry Biotechnology 68
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 310.00
Low Date 11/15/2018
High 333.72
High Date 11/30/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 320.76
Support 323.51
Low 288.34
Low Date 10/25/2018
High 333.72
High Date 11/30/2018
Description Value
Direction Down
Chart Pattern Falling Channel
Status Broken Resistance
Resistance 328.30
Support 273.32
High 388.67
High Date 07/25/2018
Low 288.34
Low Date 10/25/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 249.17
Low Date 04/24/2018
High 388.67
High Date 07/25/2018
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 378.95
Support 273.41
Low 223.02
Low Date 06/27/2016
High 388.67
High Date 07/25/2018
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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