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Yearly Pattern:Falling Pennant
Number of records: 6
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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
- 2/9/2018
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BIOGEN IDEC INC
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Summary:
Weekly :Broken trend resistance lineWilliams' Percentage Range is oversoldBroken trend support line
Daily :Williams' Percentage Range and Lane's Stochastic are oversoldPrice has crossed below the 50 Day Moving AverageBullish Harami CandlestickPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB dropped -27.05 points, or -7.87%, and closed at 316.78 on Friday, February 09, 2018. It was the worst weekly loss since October 27, 2017. Weekly volume was 19% above average.

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 (260.34) is broken. A broken support is considered to be a long-term bullish signal. 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 May 31, 2017 at 244.28 and reached 370.57 on January 26, 2018. BIIB gained -126.29 points, or -51.70%, in 34 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (345.33) 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 Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 above its signal line since December 29, 2017. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 January 26, 2018 at 370.57 and reached 302.30 on February 9, 2018. BIIB lost 68.27 points, or 18.42%, in 14 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Lane's Stochastic help.

The daily MACD line is below its signal line since January 31, 2018. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.

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.

Candlestick pattern: [See BIIB candlestick chart pattern]
On Friday the chart has formed a Bullish Harami Candlestick pattern. A Bullish Harami indicates that the bearish trend may be reversing, it signals that it's a good time to enter into a long position. Use the Technical Stock Screener to see the list of stocks that had a Bullish Harami Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.37
Williams' Percentage Range (W%R) 83.90
Oversold
Lane's Stochastic (%D-Slow) 12.24
Oversold
Greed/Fear Indicator (GFI) 20.56
Moving Average Converg./Diverg. (MACD) 1.97
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.86
Williams' Percentage Range (W%R) 83.30
Oversold
Lane's Stochastic (%D-Slow) 68.81
Greed/Fear Indicator (GFI) 45.23
Moving Average Converg./Diverg. (MACD) 11.18
Trading Signals
Description Value Chart
Upper Bollinger Band 362.22
Weekly Stochastic Crossing 347.76
Monthly Trendline Support 345.33
20 Day Moving Average 341.72
Parabolic System 336.18
50 Day Moving Average 332.61
Price 316.78
Daily Stochastic Crossing 311.07
Lower Bollinger Band 309.86
Yearly Trendline Support 260.34
Sector and Industry
Description Name Rank
Sector Healthcare 6
Industry Biotechnology 40
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 370.57
High Date 01/26/2018
Low 302.30
Low Date 02/09/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 301.81
Low Date 10/24/2017
High 370.57
High Date 01/26/2018
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Support
Resistance 419.06
Support 345.33
Low 244.28
Low Date 05/31/2017
High 370.57
High Date 01/26/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 223.02
Low Date 06/27/2016
High 370.57
High Date 01/26/2018
Description Value
Direction Down
Chart Pattern Falling Pennant
Status Broken Resistance
Resistance 170.56
Support 260.34
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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