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Uptrend Broken Support

Uptrend Broken Support 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 Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

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- 3/15/2024 -
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Synchrony Financial (SYF) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtStochastic has declined below the signal lineRelative Strength Index and MACD bearish divergenceBroken trend resistance line
Daily :Lane's Stochastic is overboughtThe price has fallen below the Parabolic SAR
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It was the negative week for the Synchrony Financial (SYF). During the week, the SYF gave back -0.36 points, or -0.85%, and closed at 41.78 on Friday, March 15, 2024. Weekly volume was -16% below average.

SYF is a member of Financials Sector. Financials 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 SYF long-term trend chart]
A long-term downtrend had started on October 19, 2021 at 52.49 and reached 26.59 on May 4, 2023. SYF lost 25.90 points, or 49.34%, in 80 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (25.95) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. SYF may retest the broken resistance line. It is considered to be a support line now. 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 SYF medium-term trend chart]
A medium-term uptrend had started on October 24, 2023 at 27.30 and reached 43.83 on March 14, 2024. SYF gained -16.53 points, or -60.55%, in 20 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 41.89 and resistance is at 41.76. 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 medium-term trend.

Weekly Technical Indicators: [See SYF weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Relative Strength Index and MACD have bearish divergence. Use the following links to access the Relative Strength Index and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index 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, Relative Strength Index 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 SYF short-term trend chart]
A short-term uptrend had started on February 1, 2024 at 37.91 and reached 43.83 on March 14, 2024. SYF gained -5.92 points, or -15.62%, in 42 days. The chart has formed a Broadening Ascending Wedge chart pattern.

Daily Technical Indicators: [See SYF daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.

The daily MACD line is above its signal line since February 16, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.52
Williams' Percentage Range (W%R) 22.10
Lane's Stochastic (%D-Slow) 81.89
Overbought
Greed/Fear Indicator (GFI) 74.43
Moving Average Converg./Diverg. (MACD) 0.93
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.94
Bearish
Williams' Percentage Range (W%R) 6.10
Strong Overbought
Lane's Stochastic (%D-Slow) 89.62
Overbought
Greed/Fear Indicator (GFI) 80.22
Overbought
Moving Average Converg./Diverg. (MACD) 1.81 Bearish
Trading Signals
Description Value Chart
Parabolic System 43.87
Upper Bollinger Band 43.65
Daily Stochastic Crossing 43.08
Weekly Stochastic Crossing 43.04
Monthly Trendline Support 41.89
Price 41.78
Monthly Trendline Resistance 41.76
20 Day Moving Average 41.22
50 Day Moving Average 39.49
Lower Bollinger Band 38.96
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Consumer Finance 113
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Low 37.91
Low Date 02/01/2024
High 43.83
High Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 35.29
Low Date 01/18/2024
High 43.83
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 41.76
Support 41.89
Low 27.30
Low Date 10/24/2023
High 43.83
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 26.59
Low Date 05/04/2023
High 43.83
High Date 03/14/2024
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 26.42
Support 25.95
High 52.49
High Date 10/19/2021
Low 26.59
Low Date 05/04/2023
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.