The Greedy Trader Weekly Analysis
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Weekly Pattern:Rectangle
Number of records: 3
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 :Overbought sectorBroken trend support line
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARWilliams' Percentage Range is oversoldMACD bullish divergencePrice has crossed below the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
Move cursor over the icon to see details.

It was the negative week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB dropped -13.84 points, or -3.92%, and closed at 339.65 on Friday, September 07, 2018. It was the worst weekly loss since July 27, 2018. Weekly volume was -34% below average.

BIIB is a member of Healthcare Sector. Healthcare 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 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 268.82 and resistance is at 374.36. 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 July 31, 2018 at 330.90 and reached 355.94 on August 30, 2018. BIIB gained -25.04 points, or -7.57%, in 4 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (346.63) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. BIIB may retest the broken support line. It is considered to be a resistance 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 support 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. Use the following link to access a MACD help.

Short-term trend: [See BIIB short-term trend chart]
A short-term downtrend had started on August 30, 2018 at 355.94 and reached 336.27 on September 7, 2018. BIIB lost 19.67 points, or 5.53%, in 8 days. The price is now at the 17.18% retracement level.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish 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 link to access Williams' Percentage Range help.

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

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 distance between the Bollinger Bands is falling, and it was 4.36% on Friday. It is 65.83% 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.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support 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) 41.34
Williams' Percentage Range (W%R) 81.00
Oversold
Lane's Stochastic (%D-Slow) 40.39
Greed/Fear Indicator (GFI) 33.57
Moving Average Converg./Diverg. (MACD) 1.93 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.08
Williams' Percentage Range (W%R) 34.90
Lane's Stochastic (%D-Slow) 56.23
Greed/Fear Indicator (GFI) 58.93
Moving Average Converg./Diverg. (MACD) 9.85
Trading Signals
Description Value Chart
Yearly Trendline Resistance 374.36
Weekly Stochastic Crossing 362.84
Monthly Trendline Resistance 356.96
Parabolic System 355.49
Upper Bollinger Band 352.26
Monthly Trendline Support 346.63
20 Day Moving Average 344.58
50 Day Moving Average 342.58
Daily Stochastic Crossing 342.01
Price 339.65
Lower Bollinger Band 337.48
Sector and Industry
Description Name Rank
Sector Healthcare 8
Industry Biotechnology 122
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 355.94
High Date 08/30/2018
Low 336.27
Low Date 09/07/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 355.94
High Date 08/30/2018
Low 336.27
Low Date 09/07/2018
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 356.96
Support 346.63
Low 330.90
Low Date 07/31/2018
High 355.94
High Date 08/30/2018
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 374.36
Support 268.82
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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