The Greedy Trader Weekly Analysis
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Weekly Pattern:Falling Wedge
Number of records: 10
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Chart Analysis and Chart Pattern Recognition – Falling Wedge Pattern.
A falling wedge pattern is a triangle formation with noticeable slant to the downside. It represents the loss of the downside momentum on each successive low and has a bullish bias. The falling wedges pattern usually marks a reversal in a downtrend. In an uptrend, the falling wedge pattern is considered as a continuation pattern. As with other triangle formations, volume usually diminishes as price rise and then increases during the breakout.
Falling Wedge Screening page presents a list of stocks forming Falling Wedge Pattern.
Tips:
# 1
To confirm the loss of the downside momentum at the reversal point, see bullish divergence on technical indicators.
# 2 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
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Bristol-Myers Squibb (BMY)

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Summary:
Weekly :Overbought sectorTrend resistance at 59.52
Daily :Lane's Stochastic is overboughtTrend resistance at 58.80The price moved above the moving average in the center of the Bollinger Bands
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It was a third consecutive positive week for the Bristol-Myers Squibb (BMY). During the week, the BMY gained 1.60 points, or 2.78%, and closed at 59.14 on Thursday, July 2, 2020. Weekly volume was -55% below average.

BMY is a member of Health Care Sector. Health Care 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 BMY long-term trend chart]
A long-term downtrend had started on July 15, 2016 at 77.12 and reached 42.48 on July 23, 2019. BMY lost 34.64 points, or 44.92%, in 157 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend resistance line (59.52). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See BMY medium-term trend chart]
A medium-term uptrend had started on July 23, 2019 at 42.48 and reached 68.34 on January 22, 2020. BMY gained -25.86 points, or -60.88%, in 26 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 47.15 and resistance is at 64.10. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

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

The weekly MACD line is below its signal line since May 22, 2020. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.

Short-term trend: [See BMY short-term trend chart]
A short-term downtrend had started on May 15, 2020 at 65.34 and reached 54.07 on June 15, 2020. BMY lost 11.27 points, or 17.25%, in 31 days. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (58.80). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a short-term trend.

Daily Technical Indicators: [See BMY 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 June 24, 2020. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.29
Williams' Percentage Range (W%R) 35.40
Lane's Stochastic (%D-Slow) 80.82
Overbought
Greed/Fear Indicator (GFI) 69.89
Moving Average Converg./Diverg. (MACD) -0.66
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.80
Williams' Percentage Range (W%R) 37.90
Lane's Stochastic (%D-Slow) 39.01
Greed/Fear Indicator (GFI) 51.34
Moving Average Converg./Diverg. (MACD) 0.79
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 64.10
Upper Bollinger Band 62.06
50 Day Moving Average 60.15
Yearly Trendline Resistance 59.52
Daily Stochastic Crossing 59.27
Price 59.14
Weekly Trendline Resistance 58.80
20 Day Moving Average 58.14
Weekly Stochastic Crossing 57.83
Parabolic System 55.55
Lower Bollinger Band 55.00
Weekly Trendline Support 49.03
Sector and Industry
Description Name Rank
Sector Health Care 10
Industry Health Care Distributors 58
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 54.07
Low Date 06/15/2020
High 59.73
High Date 07/01/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Test Resistance
Resistance 58.80
Support 49.03
High 65.34
High Date 05/15/2020
Low 54.07
Low Date 06/15/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 45.76
Low Date 03/23/2020
High 65.34
High Date 05/15/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 64.10
Support 47.15
Low 42.48
Low Date 07/23/2019
High 68.34
High Date 01/22/2020
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Resistance
Resistance 59.52
Support 41.13
High 77.12
High Date 07/15/2016
Low 42.48
Low Date 07/23/2019
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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