The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken 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. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend 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 resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 9/22/2023 -
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Public Serv. Enterprise Inc. (PEG) Technical Analysis

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Summary:
Weekly :Trend support at 60.77
Daily :The 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 Public Serv. Enterprise Inc. (PEG). During the week, the PEG dropped -0.83 points, or -1.35%, and closed at 60.52 on Friday, September 22, 2023. PEG was trading at average weekly trading volume.

Long-term trend: [See PEG long-term trend chart]
A long-term uptrend had started on October 10, 2008 at 22.09 and reached 75.61 on April 21, 2022. PEG gained -53.52 points, or -242.28%, in 705 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 38.98 and resistance is at 79.90. 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 long-term trend.

Medium-term trend: [See PEG medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 52.51 and reached 65.46 on July 21, 2023. PEG gained -12.95 points, or -24.66%, in 40 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend support (60.77) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

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

The weekly MACD line is below its signal line since August 4, 2023. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.

Short-term trend: [See PEG short-term trend chart]
A short-term uptrend had started on September 6, 2023 at 58.64 and reached 61.99 on September 15, 2023. PEG gained -3.35 points, or -5.71%, in 9 days. The price is now at the 43.88% retracement level.

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

The daily MACD line is above its signal line since September 7, 2023. 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.

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) 50.18
Williams' Percentage Range (W%R) 53.90
Lane's Stochastic (%D-Slow) 42.70
Greed/Fear Indicator (GFI) 46.32
Moving Average Converg./Diverg. (MACD) -0.17
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.76
Williams' Percentage Range (W%R) 76.70
Lane's Stochastic (%D-Slow) 26.84
Greed/Fear Indicator (GFI) 32.80
Moving Average Converg./Diverg. (MACD) 0.02
Trading Signals
Description Value Chart
Monthly Trendline Resistance 65.87
Upper Bollinger Band 62.20
Parabolic System 62.05
50 Day Moving Average 61.51
Monthly Trendline Support 60.77
20 Day Moving Average 60.76
Daily Stochastic Crossing 60.62
Weekly Stochastic Crossing 60.56
Price 60.52
Lower Bollinger Band 59.38
Sector and Industry
Description Name Rank
Sector Utilities 3
Industry Electric Utilities 43
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 58.64
Low Date 09/06/2023
High 61.99
High Date 09/15/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 65.46
High Date 07/21/2023
Low 58.64
Low Date 09/06/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Support
Resistance 65.87
Support 60.77
Low 52.51
Low Date 10/13/2022
High 65.46
High Date 07/21/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 75.61
High Date 04/21/2022
Low 52.51
Low Date 10/13/2022
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 79.90
Support 38.98
Low 22.09
Low Date 10/10/2008
High 75.61
High Date 04/21/2022
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.