The Greedy Trader Weekly Analysis
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Weekly Pattern:Rising Pennant
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.


Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

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- 3/15/2024 -
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Wisconsin Energy Corp. (WEC) Technical Analysis

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Summary:
Weekly :Oversold sectorWeekly  MACD line has moved above its signal line
Daily :Stochastic has declined below the signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement levelPrice is close to the 50 Day Moving Average
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It was the negative week for the Wisconsin Energy Corp. (WEC). During the week, the WEC dropped -0.90 points, or -1.10%, and closed at 80.78 on Friday, March 15, 2024. Weekly volume was 22% above average.

WEC is a member of Utilities Sector. Utilities is the most oversold 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 WEC long-term trend chart]
A long-term downtrend had started on May 24, 2022 at 108.39 and reached 75.13 on February 13, 2024. WEC lost 33.26 points, or 30.69%, in 90 weeks. The price is now at the 16.99% retracement level.

Medium-term trend: [See WEC medium-term trend chart]
A medium-term downtrend had started on December 14, 2023 at 87.66 and reached 75.13 on February 13, 2024. WEC lost 12.53 points, or 14.29%, in 8 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 71.11 and resistance is at 83.99. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See WEC 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 WEC short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 75.13 and reached 82.76 on March 11, 2024. WEC gained -7.63 points, or -10.16%, in 27 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See WEC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 link to access Lane's Stochastic help.

The daily MACD line is above its signal line since February 16, 2024. This is an indication that the short-term trend is up.

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.

Price is close to the 50 Day Moving Average. 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) 75.21
Williams' Percentage Range (W%R) 47.40
Lane's Stochastic (%D-Slow) 64.32
Greed/Fear Indicator (GFI) 64.03
Moving Average Converg./Diverg. (MACD) 0.20
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.80
Williams' Percentage Range (W%R) 62.80
Lane's Stochastic (%D-Slow) 32.93
Greed/Fear Indicator (GFI) 39.44
Moving Average Converg./Diverg. (MACD) -1.85
Trading Signals
Description Value Chart
Monthly Trendline Resistance 83.99
Upper Bollinger Band 83.20
Parabolic System 82.77
Daily Stochastic Crossing 81.33
Price 80.78
50 Day Moving Average 80.16
20 Day Moving Average 79.47
Weekly Stochastic Crossing 78.02
Lower Bollinger Band 76.76
Monthly Trendline Support 71.11
Sector and Industry
Description Name Rank
Sector Utilities 1
Industry Electric Utilities 24
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 76.50
Low Date 02/27/2024
High 82.76
High Date 03/11/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 75.13
Low Date 02/13/2024
High 82.76
High Date 03/11/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 83.99
Support 71.11
High 87.66
High Date 12/14/2023
Low 75.13
Low Date 02/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 108.39
High Date 05/24/2022
Low 75.13
Low Date 02/13/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 109.53
High Date 03/17/2020
Low 68.01
Low Date 03/23/2020
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.