The Greedy Trader Weekly Analysis
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Monthly Pattern:Broadening Descending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations

Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.

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- 3/15/2024 -
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iShares MSCI EAFE Index (EFA) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are strongly overboughtStochastic has declined below the signal lineLane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SAR
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It was the negative week for the iShares MSCI EAFE Index (EFA). During the week, the EFA gave back -0.36 points, or -0.45%, and closed at 78.89 on Friday, March 15, 2024. It was the worst weekly loss since January 19, 2024. Weekly volume was 6% above average.

Long-term trend: [See EFA long-term trend chart]
A long-term downtrend had started on September 7, 2021 at 82.29 and reached 54.61 on October 13, 2022. EFA lost 27.68 points, or 33.64%, in 57 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (69.71) 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 EFA medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 65.68 and reached 79.86 on March 8, 2024. EFA gained -14.18 points, or -21.59%, in 19 weeks. The price is now at the 6.84% retracement level.

Weekly Technical Indicators: [See EFA weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and 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 and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See EFA short-term trend chart]
A short-term uptrend had started on January 17, 2024 at 72.58 and reached 79.86 on March 8, 2024. EFA gained -7.28 points, or -10.03%, in 51 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 78.40 and resistance is at 80.86. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See EFA daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 15, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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) 63.89
Williams' Percentage Range (W%R) 20.20
Lane's Stochastic (%D-Slow) 70.57
Greed/Fear Indicator (GFI) 71.42
Moving Average Converg./Diverg. (MACD) 0.95
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.88
Williams' Percentage Range (W%R) 5.80
Strong Overbought
Lane's Stochastic (%D-Slow) 90.60
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 81.01
Overbought
Moving Average Converg./Diverg. (MACD) 1.31 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 80.86
Upper Bollinger Band 80.03
Parabolic System 79.91
Weekly Stochastic Crossing 79.45
Daily Stochastic Crossing 79.44
Price 78.89
Weekly Trendline Support 78.40
20 Day Moving Average 77.94
50 Day Moving Average 76.02
Lower Bollinger Band 75.80
Yearly Trendline Resistance 72.21
Yearly Trendline Support 69.71
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 79.86
High Date 03/08/2024
Low 78.41
Low Date 03/11/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 80.86
Support 78.40
Low 72.58
Low Date 01/17/2024
High 79.86
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 65.68
Low Date 10/27/2023
High 79.86
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 54.61
Low Date 10/13/2022
High 79.86
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 72.21
Support 69.71
High 82.29
High Date 09/07/2021
Low 54.61
Low Date 10/13/2022
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.