Wedge: Chart of UNFI between 3/26/2020 to 4/3/2020 and 5/1/2020 to 5/9/2020

shammyx1

if you look at a chart of UNFI at the following dates, is that a wedge pattern that im looking for?
UNFI between 3/26/2020 to 4/3/2020 and 5/1/2020 to 5/9/2020

How would i scan for that?

I tried doing a scan of stocks between 0-10% above the 200 day moving average , but its just a nonsense scan.

Thanks!

lmkwin

What are the characteristics of the price between those dates? I don't believe that you'll be able to Slapping a 10 day (approximate range of the dates) Price Channel on it, it looks like the Upper Price Channel is lower and lower and then the price breaks above the downward trending Upper Price Channel.

I don't think that it's a wedge pattern but I've attached the StockCharts help on the falling wedge below, as well as the help on patterns below that.

https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:falling_wedge_reversal

https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:falling_wedge_reversal

markd

Well, you have to find some pattern in the prices that is common to most wedges - for instance, maybe the close is the lowest close in 7 days, but its higher than, say, the lowest close in 20 days, e.g.

and [close = min(7, close)
and [close > min(20, close)

Maybe specify something about the recent max high close, as well, like highest in 30 days.

The Close Up( ) and Close Down( ) functions might help as well.

Nothing will work perfectly because there is so much variation in how wedges form. So the object of your scan is to keep it general enough to get at least a few results you want, but specific enough to get you a result list that is not too long to review in the time available. So, if you can work it enough to get say 30 hits and two or three fit what you want, that might be a reasonable trade off. Depending on the market, a good scan may get no hits, or 100 hits - if everything is going up, its unlikely to give a wedge down; if everything is going down, there could wedges everywhere.

shammyx1

Thank you both im reading through your messages now!