The Greedy Trader Weekly Analysis
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Uptrend Exhaustion

Uptrend Exhaustion stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Exhaustion alert indicates that long term uptrend is exhausted and probability of long term trend reversal is high. Uptrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for overvalued stocks.

The strategy is based on selling (or taking a short) position on anticipation of uptrend reversal.

Uptrend Exhaustion

Archive
- 3/15/2024 -
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iShares Russell 2000 Index (IWM) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtLane's Stochastic and MACD bearish divergence
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement levelThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the iShares Russell 2000 Index (IWM). During the week, the IWM dropped -4.46 points, or -2.16%, and closed at 202.37 on Friday, March 15, 2024. It was the worst weekly loss since January 5, 2024. Weekly volume was 6% above average.

Long-term trend: [See IWM long-term trend chart]
A long-term downtrend had started on November 8, 2021 at 244.46 and reached 161.67 on October 27, 2023. IWM lost 82.79 points, or 33.87%, in 102 weeks. The price is now at the 49.16% retracement level.

Medium-term trend: [See IWM medium-term trend chart]
A medium-term uptrend had started on January 17, 2024 at 187.53 and reached 210.41 on March 8, 2024. IWM gained -22.88 points, or -12.20%, in 7 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 195.51 and resistance is at 212.37. 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 medium-term trend.

Weekly Technical Indicators: [See IWM weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See IWM short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 210.41 and reached 200.17 on March 14, 2024. IWM lost 10.24 points, or 4.87%, in 6 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

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 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.00
Williams' Percentage Range (W%R) 65.30
Lane's Stochastic (%D-Slow) 29.06
Greed/Fear Indicator (GFI) 38.91
Moving Average Converg./Diverg. (MACD) 2.18
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.85
Williams' Percentage Range (W%R) 18.80
Overbought
Lane's Stochastic (%D-Slow) 77.62
Bearish
Greed/Fear Indicator (GFI) 70.30
Moving Average Converg./Diverg. (MACD) 4.24 Bearish
Trading Signals
Description Value Chart
Monthly Trendline Resistance 212.37
Parabolic System 209.67
Upper Bollinger Band 208.12
Weekly Stochastic Crossing 205.85
20 Day Moving Average 203.18
Daily Stochastic Crossing 202.89
Price 202.37
50 Day Moving Average 198.44
Lower Bollinger Band 197.54
Monthly Trendline Support 195.51
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 210.41
High Date 03/08/2024
Low 200.17
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 210.41
High Date 03/08/2024
Low 200.17
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 212.37
Support 195.51
Low 187.53
Low Date 01/17/2024
High 210.41
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 161.67
Low Date 10/27/2023
High 210.41
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 244.46
High Date 11/08/2021
Low 161.67
Low Date 10/27/2023
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.