The Greedy Trader Weekly Analysis
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Daily W%R:< 20
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Williams' Percentage Range (W%R)

Williams' %R is an effective momentum indicator that measures overbought/oversold levels. Like other indicators, W%R ranges between 0% and 100% , but in opposite to the other indicators, the 0% indicating overbought and 100% - the oversold stocks. W%R measures the closing price in relation to the recent low/high range. A bullish signal is generated when the W%R has reached 100, five time bars have elapsed, and the W%R has subsequently fallen to 95. A reverse signal is considered as bearish. For the sake of simplicity, the W%R closed above 10% is considered bearish and below 90% - bullish. In trending markets, the W%R stays at one end of the scale and gives false signals to trade against the trend. That is why W%R is not considered a stand-along technique, and it is essential to use it with some sort of trend formation indicators. The divergence between price and W%R rarely occurs and presents an important buy/sell signal. As our research shows, the W%R move to upper or lower bounds can be used as an earliest signal of an impending reversal. Using the Williams %R bullish divergence/bearish divergence, chart patterns, trendlines, support, and resistance lines along with the W%R chart can be very useful.

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- 3/15/2024 -
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CIGNA Corp. (CI) Technical Analysis

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Summary:
Weekly :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtMACD bearish divergenceTrend resistance at 360.64
Daily :Lane's Stochastic is overboughtDaily  MACD line has moved above its signal lineThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the CIGNA Corp. (CI). During the week, the CI gained 10.26 points, or 3.00%, and closed at 352.05 on Friday, March 15, 2024. Weekly volume was -16% below average.

Long-term trend: [See CI long-term trend chart]
A long-term uptrend had started on November 21, 2008 at 8.00 and reached 353.10 on March 15, 2024. CI gained -345.10 points, or -4313.75%, in 799 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (360.64). 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 CI medium-term trend chart]
A medium-term uptrend had started on March 18, 2020 at 118.50 and reached 353.10 on March 15, 2024. CI gained -234.60 points, or -197.97%, in 208 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 282.78 and resistance is at 392.63. 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 medium-term trend.

Weekly Technical Indicators: [See CI weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 29, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See CI short-term trend chart]
A short-term uptrend had started on December 8, 2023 at 253.95 and reached 353.10 on March 15, 2024. CI gained -99.15 points, or -39.04%, in 98 days. The chart has formed a Rising Wedge chart pattern. The trend support level is at 342.51 and resistance is at 360.82. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a short-term trend.

Daily Technical Indicators: [See CI 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.

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

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 62.02
Williams' Percentage Range (W%R) 31.60
Lane's Stochastic (%D-Slow) 86.48
Overbought
Greed/Fear Indicator (GFI) 72.31
Moving Average Converg./Diverg. (MACD) 6.11
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.64
Overbought
Williams' Percentage Range (W%R) 7.10
Strong Overbought
Lane's Stochastic (%D-Slow) 91.14
Strong Overbought
Greed/Fear Indicator (GFI) 84.14
Overbought
Moving Average Converg./Diverg. (MACD) 9.67 Bearish
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 392.63
Weekly Trendline Resistance 360.82
Yearly Trendline Resistance 360.64
Price 352.05
Daily Stochastic Crossing 351.40
Upper Bollinger Band 349.75
Weekly Stochastic Crossing 346.85
Weekly Trendline Support 342.51
20 Day Moving Average 341.49
Parabolic System 336.34
Lower Bollinger Band 329.90
50 Day Moving Average 325.24
Quarterly Trendline Support 282.78
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Managed Health Care 26
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 330.71
Low Date 03/01/2024
High 353.10
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 360.82
Support 342.51
Low 253.95
Low Date 12/08/2023
High 353.10
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 240.50
Low Date 05/30/2023
High 353.10
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 392.63
Support 282.78
Low 118.50
Low Date 03/18/2020
High 353.10
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 360.64
Support 173.23
Low 8.00
Low Date 11/21/2008
High 353.10
High Date 03/15/2024
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.