The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance 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. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

Archive
- 3/15/2024 -
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iShares MSCI Australia Index (EWA) Technical Analysis

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Summary:
Weekly :Broken trend resistance linePrice is near the Fibonacci 23.6% retracement level
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARThe 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 MSCI Australia Index (EWA). During the week, the EWA dropped -0.74 points, or -2.99%, and closed at 24.03 on Friday, March 15, 2024. Weekly volume was 40% above average.

Long-term trend: [See EWA long-term trend chart]
A long-term downtrend had started on June 8, 2021 at 27.43 and reached 19.19 on October 13, 2022. EWA lost 8.24 points, or 30.04%, in 70 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (20.92) is broken. A broken support is considered to be a long-term bullish signal. 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 EWA medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 20.46 and reached 25.04 on March 8, 2024. EWA gained -4.58 points, or -22.39%, in 19 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See EWA weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 10, 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 EWA short-term trend chart]
A short-term uptrend had started on January 17, 2024 at 22.70 and reached 25.04 on March 8, 2024. EWA gained -2.34 points, or -10.31%, in 51 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 22.94 and resistance is at 25.23. 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 short-term trend.

Daily Technical Indicators: [See EWA 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) 53.25
Williams' Percentage Range (W%R) 62.50
Lane's Stochastic (%D-Slow) 39.74
Greed/Fear Indicator (GFI) 43.50
Moving Average Converg./Diverg. (MACD) 0.20
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.12
Williams' Percentage Range (W%R) 20.70
Lane's Stochastic (%D-Slow) 62.08
Greed/Fear Indicator (GFI) 63.82
Moving Average Converg./Diverg. (MACD) 0.37
Trading Signals
Description Value Chart
Weekly Trendline Resistance 25.23
Parabolic System 25.02
Upper Bollinger Band 24.79
Daily Stochastic Crossing 24.34
Weekly Stochastic Crossing 24.31
20 Day Moving Average 24.10
Price 24.03
50 Day Moving Average 23.76
Yearly Trendline Resistance 23.73
Lower Bollinger Band 23.44
Weekly Trendline Support 22.94
Yearly Trendline Support 20.92
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Low 22.81
Low Date 02/13/2024
High 25.04
High Date 03/08/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 25.23
Support 22.94
Low 22.70
Low Date 01/17/2024
High 25.04
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 20.46
Low Date 10/27/2023
High 25.04
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 19.19
Low Date 10/13/2022
High 25.22
High Date 02/01/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 23.73
Support 20.92
High 27.43
High Date 06/08/2021
Low 19.19
Low Date 10/13/2022
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.