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Archive
- 4/5/2024 -
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Diamondbac (FANG) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a fourth consecutive positive week for the Diamondbac (FANG). During the week, the FANG gained 6.15 points, or 3.10%, and closed at 204.32 on Friday, April 5, 2024. Weekly volume was -23% below average.
FANG is a member of Energy Sector. Energy 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 FANG long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 65.93 and reached 205.02 on April 5, 2024. FANG gained -139.09 points, or -210.97%, in 137 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (156.34) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 FANG medium-term trend chart]
A medium-term uptrend had started on March 16, 2023 at 119.01 and reached 205.02 on April 5, 2024. FANG gained -86.01 points, or -72.27%, in 55 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (161.72) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.
 Weekly Technical Indicators: [See FANG weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly 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, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since February 9, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its 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 FANG short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 147.93 and reached 205.02 on April 5, 2024. FANG gained -57.09 points, or -38.59%, in 60 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 196.86 and resistance is at 205.41. 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 short-term trend.
 Daily Technical Indicators: [See FANG daily technical indicators chart]
Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Daily 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 daily Relative Strength Index bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.
The daily MACD line is above its signal line since March 27, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.
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| Daily Oscillators |
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| Weekly Oscillators |
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| Trading
Signals |
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| Sector and
Industry |
| Description |
Name |
Rank |
| Sector |
Energy |
12 |
| Industry |
Oil & Gas Exploration & Production |
114 |
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| Daily Trend |
| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Low |
193.45 |
| Low Date |
03/27/2024 |
| High |
205.02 |
| High Date |
04/05/2024 |
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| Weekly Trend |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Rising Channel |
| Status |
Valid |
| Resistance |
205.41 |
| Support |
196.86 |
| Low |
147.93 |
| Low Date |
02/05/2024 |
| High |
205.02 |
| High Date |
04/05/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Symmetric Triangle |
| Status |
Broken Resistance |
| Resistance |
145.91 |
| Support |
151.02 |
| Low |
145.70 |
| Low Date |
12/06/2023 |
| High |
205.02 |
| High Date |
04/05/2024 |
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| Quarterly Trend |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Rising Channel |
| Status |
Broken Resistance |
| Resistance |
192.11 |
| Support |
161.72 |
| Low |
119.01 |
| Low Date |
03/16/2023 |
| High |
205.02 |
| High Date |
04/05/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Rising Wedge |
| Status |
Broken Resistance |
| Resistance |
175.00 |
| Support |
156.34 |
| Low |
65.93 |
| Low Date |
08/19/2021 |
| High |
205.02 |
| High Date |
04/05/2024 |
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