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Monthly Pattern:Ascending Triangle
Number of records: 4
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Chart Analysis and Chart Pattern Recognition – Ascending Triangle Pattern

The ascending triangle pattern is a variation of symmetrical triangle formation that has a flat resistance line and a rising support line. The higher lows indicate the increasing demand and give the ascending triangle definitive bullish bias. The ascending triangle usually represents an accumulation stage in bullish market. The ascending triangle is considered as a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Volume usually increases on a breakout move. After breakout (similar to rectangle), resistance may turn into potential support and vice versa.
Ascending Triangle Screening page presents a list of stocks forming an Ascending Triangle Pattern.
Tips:
# 1As a continuation pattern, an ascending triangle usually appears within a young trend, characterized by neutral long-term indicators and overbought short-term indicators. An ascending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, an ascending triangle appears in a mature downtrend, characterized by oversold short-term and long-term indicators. This situation usually generates bullish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.

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- 3/15/2024 -
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Discover Fincl. Svcs. (DFS) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index bearish divergenceTrend resistance at 118.00
Daily :Broken trend support lineThe price has risen above the Parabolic SAR
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It was the negative week for the Discover Fincl. Svcs. (DFS). During the week, the DFS gave back -1.02 points, or -0.84%, and closed at 120.24 on Friday, March 15, 2024. It was the worst weekly loss since January 19, 2024. Weekly volume was -33% below average.

DFS is a member of Financials Sector. Financials 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 DFS long-term trend chart]
A long-term downtrend had started on August 13, 2021 at 135.63 and reached 79.04 on October 27, 2023. DFS lost 56.59 points, or 41.72%, in 115 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (118.00). 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 DFS medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 79.04 and reached 127.70 on March 14, 2024. DFS gained -48.66 points, or -61.56%, in 19 weeks. The price is now at the 15.33% retracement level.

Weekly Technical Indicators: [See DFS weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index has bearish divergence. Use the following links to access the Relative Strength Index help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index 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 November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See DFS short-term trend chart]
A short-term uptrend had started on March 6, 2024 at 118.74 and reached 127.70 on March 14, 2024. DFS gained -8.96 points, or -7.55%, in 8 days. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (122.73) is broken. A broken support is considered to be a long-term bearish 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 support in a short-term trend.

Daily Technical Indicators: [See DFS daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 13, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 45.82
Williams' Percentage Range (W%R) 29.40
Lane's Stochastic (%D-Slow) 66.19
Greed/Fear Indicator (GFI) 60.88
Moving Average Converg./Diverg. (MACD) 3.44
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.63
Bearish
Williams' Percentage Range (W%R) 10.90
Overbought
Lane's Stochastic (%D-Slow) 81.37
Overbought
Greed/Fear Indicator (GFI) 75.76
Moving Average Converg./Diverg. (MACD) 3.47
Trading Signals
Description Value Chart
Weekly Trendline Resistance 129.10
Upper Bollinger Band 125.82
Daily Stochastic Crossing 124.78
Weekly Trendline Support 122.73
Weekly Stochastic Crossing 122.25
20 Day Moving Average 121.35
Price 120.24
Parabolic System 119.49
Yearly Trendline Resistance 118.00
Lower Bollinger Band 113.75
50 Day Moving Average 112.77
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Consumer Finance 113
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 127.70
High Date 03/14/2024
Low 119.61
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Support
Resistance 129.10
Support 122.73
Low 118.74
Low Date 03/06/2024
High 127.70
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 96.46
Low Date 01/18/2024
High 127.70
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 79.04
Low Date 10/27/2023
High 127.70
High Date 03/14/2024
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 118.00
Support 77.21
High 135.63
High Date 08/13/2021
Low 79.04
Low Date 10/27/2023
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.