The Greedy Trader Weekly Analysis
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Monthly Pattern:Descending Triangle
Number of records: 3
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern
The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.
Descending Triangle Pattern,Descending Triangle,Descending Triangle Chart Pattern,Trend support resistance, chart pattern, chart, pattern, technical analysis, signals, chart analysis, pattern recognition, screening, technical trading
Freeport-McMoran Cp & Gld
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Summary:
Weekly :Oversold sectorOversold industryLane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldBroken trend support line
Daily :Daily  MACD line has moved below its signal lineThe price is below the lower Bollinger BandWilliams' Percentage Range and Lane's Stochastic are oversoldLane's Stochastic and MACD bullish divergence
Move cursor over the icon to see details.

It was the negative week for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX dropped -0.87 points, or -6.19%, and closed at 13.18 on Friday, September 07, 2018. Weekly volume was 9% above average.

FCX is a member of Basic Materials Sector. Basic Materials is the most oversold sector. FCX is a member of Copper Industry. Copper is the fifth most oversold industry. 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 uptrend had started on January 20, 2016 at 3.52 and reached 20.25 on January 25, 2018. FCX gained -16.73 points, or -475.28%, in 105 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (18.01) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. FCX may retest the broken support line. It is considered to be a resistance 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 support in a long-term trend.

Medium-term trend: [See FCX medium-term trend chart]
A medium-term downtrend had started on January 25, 2018 at 20.25 and reached 13.05 on September 7, 2018. FCX lost 7.20 points, or 35.56%, in 32 weeks. Price is near the trend low.

Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Lane's Stochastic or strongly oversold weekly Williams' Percentage Range. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since March 9, 2018. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See FCX short-term trend chart]
A short-term downtrend had started on August 28, 2018 at 14.96 and reached 13.05 on September 7, 2018. FCX lost 1.91 points, or 12.77%, in 10 days. The price is now at the 6.81% retracement level.

Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

The price has closed on Friday below the lower Bollinger Band. It is considered a bearish 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) 38.42
Williams' Percentage Range (W%R) 85.50
Oversold
Lane's Stochastic (%D-Slow) 10.35
Oversold Bullish
Greed/Fear Indicator (GFI) 21.08
Moving Average Converg./Diverg. (MACD) -0.49 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 29.00
Williams' Percentage Range (W%R) 95.20
Strong Oversold
Lane's Stochastic (%D-Slow) 13.83
Oversold
Greed/Fear Indicator (GFI) 18.32
Oversold
Moving Average Converg./Diverg. (MACD) -0.28
Trading Signals
Description Value Chart
50 Day Moving Average 15.54
Upper Bollinger Band 15.36
Parabolic System 14.44
20 Day Moving Average 14.20
Weekly Stochastic Crossing 13.65
Lower Bollinger Band 13.28
Daily Stochastic Crossing 13.25
Price 13.18
Sector and Industry
Description Name Rank
Sector Basic Materials 1
Industry Copper 5
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 14.96
High Date 08/28/2018
Low 13.05
Low Date 09/07/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 18.14
High Date 07/10/2018
Low 13.05
Low Date 09/07/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 18.38
High Date 06/07/2018
Low 13.05
Low Date 09/07/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 20.25
High Date 01/25/2018
Low 13.05
Low Date 09/07/2018
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 22.22
Support 18.01
Low 3.52
Low Date 01/20/2016
High 20.25
High Date 01/25/2018
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.

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