The Greedy Trader Weekly Analysis
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Weekly Pattern:Falling Wedge
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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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- 3/15/2024 -
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Market Vectors Gold Miners (GDX) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved above its signal linePrice is near the Fibonacci 61.8% retracement level
Daily :Williams' Percentage Range and Lane's Stochastic are overbought
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It was a third positive week after 4 consecutive negative weeks for the Market Vectors Gold Miners (GDX). During the week, the GDX climbed 0.25 points, or 0.84%, and closed at 29.89 on Friday, March 15, 2024. Weekly volume was 11% above average.

Long-term trend: [See GDX long-term trend chart]
A long-term uptrend had started on September 26, 2022 at 21.52 and reached 36.26 on May 4, 2023. GDX gained -14.74 points, or -68.49%, in 31 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 27.41 and resistance is at 30.99. 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 long-term trend.

Medium-term trend: [See GDX medium-term trend chart]
A medium-term downtrend had started on December 22, 2023 at 32.35 and reached 25.67 on February 28, 2024. GDX lost 6.68 points, or 20.65%, in 9 weeks. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See GDX short-term trend chart]
A short-term uptrend had started on February 28, 2024 at 25.67 and reached 30.49 on March 13, 2024. GDX gained -4.82 points, or -18.78%, in 14 days. The chart has formed a Rising Wedge chart pattern.

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

The daily MACD line is above its signal line since February 28, 2024. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.09
Williams' Percentage Range (W%R) 14.50
Overbought
Lane's Stochastic (%D-Slow) 83.68
Overbought
Greed/Fear Indicator (GFI) 82.41
Overbought
Moving Average Converg./Diverg. (MACD) 0.36
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.97
Williams' Percentage Range (W%R) 38.30
Lane's Stochastic (%D-Slow) 37.78
Greed/Fear Indicator (GFI) 49.29
Moving Average Converg./Diverg. (MACD) -0.41
Trading Signals
Description Value Chart
Upper Bollinger Band 31.79
Quarterly Trendline Resistance 30.99
Daily Stochastic Crossing 30.20
Price 29.89
Parabolic System 29.45
50 Day Moving Average 28.04
20 Day Moving Average 28.03
Weekly Stochastic Crossing 27.86
Quarterly Trendline Support 27.41
Lower Bollinger Band 25.42
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Low 25.67
Low Date 02/28/2024
High 30.49
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 32.35
High Date 12/22/2023
Low 25.67
Low Date 02/28/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 36.26
High Date 05/04/2023
Low 25.62
Low Date 10/04/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 30.99
Support 27.41
Low 21.52
Low Date 09/26/2022
High 36.26
High Date 05/04/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 45.78
High Date 08/05/2020
Low 21.52
Low Date 09/26/2022
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.