The Greedy Trader Weekly Analysis
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Yearly 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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Hewlett Packard Enterprise (HPE) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :The price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically far apart
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It was the negative week for the Hewlett Packard Enterprise (HPE). During the week, the HPE dropped -1.26 points, or -7.00%, and closed at 16.73 on Friday, March 15, 2024. It was the worst weekly loss since January 12, 2024. Weekly volume was 78% above average.

HPE is a member of Information Technology Sector. Information Technology is the second 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 HPE long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 7.43 and reached 20.07 on March 6, 2024. HPE gained -12.64 points, or -170.12%, in 207 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 14.53 and resistance is at 18.61. 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 long-term trend.

Medium-term trend: [See HPE medium-term trend chart]
A medium-term uptrend had started on September 23, 2022 at 11.90 and reached 20.07 on March 6, 2024. HPE gained -8.17 points, or -68.66%, in 75 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 14.56 and resistance is at 19.08. 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 HPE weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since March 1, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See HPE short-term trend chart]
A short-term downtrend had started on March 6, 2024 at 20.07 and reached 16.72 on March 15, 2024. HPE lost 3.35 points, or 16.69%, in 9 days. Price is near the trend low.

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

The daily MACD line is above its signal line since February 22, 2024. The distance between MACD and the signal line is low and getting smaller.

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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (34.91%) is close to one year high (28.68%). It is 180.44% higher then one year average. It indicates the period of high volatility of the stock price, and it is considered a sell signal for the option traders. 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.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.66
Williams' Percentage Range (W%R) 49.50
Lane's Stochastic (%D-Slow) 46.06
Greed/Fear Indicator (GFI) 53.75
Moving Average Converg./Diverg. (MACD) 0.51
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.89
Williams' Percentage Range (W%R) 49.50
Lane's Stochastic (%D-Slow) 35.70
Greed/Fear Indicator (GFI) 45.35
Moving Average Converg./Diverg. (MACD) -0.09
Trading Signals
Description Value Chart
Parabolic System 19.79
Monthly Trendline Support 19.74
Upper Bollinger Band 19.72
Quarterly Trendline Resistance 19.08
Yearly Trendline Resistance 18.61
Monthly Trendline Resistance 18.46
Daily Stochastic Crossing 18.11
Price 16.73
Weekly Stochastic Crossing 16.67
20 Day Moving Average 16.45
50 Day Moving Average 16.01
Quarterly Trendline Support 14.56
Yearly Trendline Support 14.53
Lower Bollinger Band 13.89
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Technology Hardware, Storage & Peripherals 31
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 19.15
High Date 03/12/2024
Low 16.72
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 20.07
High Date 03/06/2024
Low 16.72
Low Date 03/15/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Support
Resistance 18.46
Support 19.74
Low 14.47
Low Date 03/01/2024
High 20.07
High Date 03/06/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 19.08
Support 14.56
Low 11.90
Low Date 09/23/2022
High 20.07
High Date 03/06/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 18.61
Support 14.53
Low 7.43
Low Date 03/18/2020
High 20.07
High Date 03/06/2024
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.