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
- 6/7/2024 -
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iShares MSCI South Korea Index (EWY) Technical Analysis

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Summary:
Weekly :Broken trend resistance line
Daily :Stochastic signal line moved above oversold areaThe price has risen above the Parabolic SARPrice is near the Fibonacci 38.2% retracement level
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It was a first positive week for the iShares MSCI South Korea Index (EWY). During the week, the EWY gained 1.48 points, or 2.38%, and closed at 63.66 on Friday, June 7, 2024. Weekly volume was -20% below average.

Long-term trend: [See EWY long-term trend chart]
A long-term downtrend had started on January 8, 2021 at 96.29 and reached 47.19 on October 13, 2022. EWY lost 49.10 points, or 50.99%, in 91 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (58.77) 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 EWY medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 54.49 and reached 68.20 on March 21, 2024. EWY gained -13.71 points, or -25.16%, in 20 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 62.40 and resistance is at 70.00. 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 EWY weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since May 17, 2024. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See EWY short-term trend chart]
A short-term downtrend had started on May 15, 2024 at 66.95 and reached 61.41 on May 31, 2024. EWY lost 5.54 points, or 8.27%, in 16 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See EWY daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 link to access Lane's Stochastic help.

The daily MACD line is below its signal line since May 21, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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) 39.96
Williams' Percentage Range (W%R) 49.60
Lane's Stochastic (%D-Slow) 60.68
Greed/Fear Indicator (GFI) 50.33
Moving Average Converg./Diverg. (MACD) -0.23
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.62
Williams' Percentage Range (W%R) 35.80
Lane's Stochastic (%D-Slow) 54.35
Greed/Fear Indicator (GFI) 54.64
Moving Average Converg./Diverg. (MACD) 0.69
Trading Signals
Description Value Chart
Monthly Trendline Resistance 70.00
Upper Bollinger Band 66.47
20 Day Moving Average 64.41
50 Day Moving Average 64.30
Weekly Stochastic Crossing 63.89
Price 63.66
Daily Stochastic Crossing 63.55
Monthly Trendline Support 62.40
Lower Bollinger Band 61.66
Parabolic System 61.62
Yearly Trendline Support 58.77
Yearly Trendline Resistance 58.18
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 66.95
High Date 05/15/2024
Low 61.41
Low Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 60.60
Low Date 04/17/2024
High 66.95
High Date 05/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 70.00
Support 62.40
Low 54.49
Low Date 10/27/2023
High 68.20
High Date 03/21/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 47.19
Low Date 10/13/2022
High 68.20
High Date 03/21/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 58.18
Support 58.77
High 96.29
High Date 01/08/2021
Low 47.19
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.