The Greedy Trader Weekly Analysis
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Yearly Pattern:Falling Pennant
Number of records: 5
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

Archive
- 12/1/2017
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BIOGEN IDEC INC
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Summary:
Weekly :Oversold sectorBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtDaily  MACD line has moved above its signal linePrice has crossed above the 50 Day Moving AverageThe price moved above 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 a first positive week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gained 10.38 points, or 3.36%, and closed at 319.35 on Friday, December 01, 2017. It was the best weekly gain since October 6, 2017. Weekly volume was -15% below average.

BIIB is a member of Healthcare Sector. Healthcare is the most oversold 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 downtrend had started on March 20, 2015 at 480.18 and reached 223.02 on June 27, 2016. BIIB lost 257.16 points, or 53.55%, in 66 weeks. The chart has formed a Falling Pennant chart pattern. The downtrend resistance line (256.05) 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 long-term trend.

Medium-term trend: [See BIIB medium-term trend chart]
A medium-term uptrend had started on June 27, 2016 at 223.02 and reached 348.84 on October 18, 2017. BIIB gained -125.82 points, or -56.42%, in 68 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 223.08 and resistance is at 349.58. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern 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 November 10, 2017. The distance between MACD and the signal line is low, but getting bigger. 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 24, 2017 at 301.81 and reached 323.69 on November 30, 2017. BIIB gained -21.88 points, or -7.25%, in 37 days. The chart has formed a Falling Pennant chart pattern.

Daily Technical Indicators: [See BIIB 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. 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 and Williams' Percentage Range help.

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

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 4.81% on Friday. It is 53.81% 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 advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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) 61.70
Williams' Percentage Range (W%R) 17.00
Overbought
Lane's Stochastic (%D-Slow) 82.50
Overbought
Greed/Fear Indicator (GFI) 75.73
Moving Average Converg./Diverg. (MACD) -1.47
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.35
Williams' Percentage Range (W%R) 36.90
Lane's Stochastic (%D-Slow) 26.80
Greed/Fear Indicator (GFI) 46.22
Moving Average Converg./Diverg. (MACD) 10.40
Trading Signals
Description Value Chart
Monthly Trendline Resistance 377.47
Quarterly Trendline Resistance 349.58
Upper Bollinger Band 323.00
Daily Stochastic Crossing 321.74
Price 319.35
50 Day Moving Average 319.14
Monthly Trendline Support 318.67
20 Day Moving Average 313.37
Weekly Stochastic Crossing 313.37
Parabolic System 310.24
Lower Bollinger Band 307.65
Yearly Trendline Support 256.05
Sector and Industry
Description Name Rank
Sector Healthcare 1
Industry Biotechnology 14
Daily Trend
Description Value
Direction Up
Chart Pattern Falling Pennant
Low 301.81
Low Date 10/24/2017
High 323.69
High Date 11/30/2017
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 348.84
High Date 10/18/2017
Low 301.81
Low Date 10/24/2017
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Support
Resistance 377.47
Support 318.67
Low 244.28
Low Date 05/31/2017
High 348.84
High Date 10/18/2017
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 349.58
Support 223.08
Low 223.02
Low Date 06/27/2016
High 348.84
High Date 10/18/2017
Description Value
Direction Down
Chart Pattern Falling Pennant
Status Broken Resistance
Resistance 190.52
Support 256.05
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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