The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Freeport-McMoran Cp & Gld (FCX) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range is overboughtMACD bearish divergenceWeekly  MACD line has moved above its signal lineBroken trend resistance line
Daily :Relative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX gained 4.76 points, or 11.94%, and closed at 44.61 on Friday, March 15, 2024. Weekly volume was 45% above average.

FCX is a member of Materials Sector. Materials 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 FCX long-term trend chart]
A long-term downtrend had started on January 25, 2023 at 46.73 and reached 32.83 on November 10, 2023. FCX lost 13.90 points, or 29.75%, in 41 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (32.67) 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. FCX 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 FCX medium-term trend chart]
A medium-term uptrend had started on November 10, 2023 at 32.83 and reached 44.90 on March 15, 2024. FCX gained -12.07 points, or -36.77%, in 18 weeks. The chart has formed a Descending Triangle chart pattern. The uptrend resistance line (36.89) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.

Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly 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 link to access Williams' Percentage Range help.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See FCX short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 36.26 and reached 44.90 on March 15, 2024. FCX gained -8.64 points, or -23.83%, in 31 days. The chart has formed a Symmetric Triangle chart pattern.

Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Use the following links to access Lane's Stochastic and Relative Strength Index help.

The daily MACD line is above its signal line since March 5, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term uptrend is strong.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 80.52
Overbought
Williams' Percentage Range (W%R) 15.50
Overbought
Lane's Stochastic (%D-Slow) 93.49
Strong Overbought
Greed/Fear Indicator (GFI) 86.18
Overbought
Moving Average Converg./Diverg. (MACD) 0.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.95
Williams' Percentage Range (W%R) 10.40
Overbought
Lane's Stochastic (%D-Slow) 39.34
Greed/Fear Indicator (GFI) 61.01
Moving Average Converg./Diverg. (MACD) 0.21 Bearish
Trading Signals
Description Value Chart
Price 44.61
Daily Stochastic Crossing 44.44
Upper Bollinger Band 44.19
Monthly Trendline Resistance 42.19
Weekly Stochastic Crossing 40.13
Parabolic System 40.06
20 Day Moving Average 39.41
50 Day Moving Average 39.41
Weekly Trendline Resistance 37.55
Weekly Trendline Support 36.89
Lower Bollinger Band 36.00
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Copper 50
Daily Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Low 36.26
Low Date 02/13/2024
High 44.90
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 37.55
Support 36.89
Low 32.83
Low Date 11/10/2023
High 44.90
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 42.19
Support 32.67
High 46.73
High Date 01/25/2023
Low 32.83
Low Date 11/10/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 24.80
Low Date 07/14/2022
High 46.73
High Date 01/25/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 3.52
Low Date 01/20/2016
High 51.99
High Date 03/25/2022
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.