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Monthly Pattern:Descending Triangle
Number of records: 2
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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 :Overbought sectorPrice is near the Fibonacci 61.8% retracement level
Daily :Williams' Percentage Range is overbought20 Day Moving Average has crossed above the 50 Day Moving Average
Move cursor over the icon to see details.

It was a sixth consecutive positive week for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX gained 0.91 points, or 5.32%, and closed at 18.03 on Friday, June 08, 2018. It was the best weekly gain since April 20, 2018. Weekly volume was -23% below average.

FCX is a member of Basic Materials Sector. Basic 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 uptrend had started on June 2, 2017 at 11.05 and reached 20.25 on January 25, 2018. FCX gained -9.20 points, or -83.26%, in 33 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 15.18 and resistance is at 24.27. 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 FCX medium-term trend chart]
A medium-term downtrend had started on January 25, 2018 at 20.25 and reached 14.64 on May 1, 2018. FCX lost 5.61 points, or 27.70%, in 13 weeks. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

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 uptrend had started on May 1, 2018 at 14.64 and reached 18.38 on June 7, 2018. FCX gained -3.74 points, or -25.55%, in 37 days. The price is now at the 9.36% retracement level.

Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily 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 link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since May 9, 2018. This is an indication that the short-term trend is up.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.65
Williams' Percentage Range (W%R) 16.00
Overbought
Lane's Stochastic (%D-Slow) 78.93
Greed/Fear Indicator (GFI) 75.86
Moving Average Converg./Diverg. (MACD) 0.17
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.56
Williams' Percentage Range (W%R) 41.00
Lane's Stochastic (%D-Slow) 41.96
Greed/Fear Indicator (GFI) 49.86
Moving Average Converg./Diverg. (MACD) 0.39
Trading Signals
Description Value Chart
Upper Bollinger Band 18.34
Daily Stochastic Crossing 18.15
Price 18.03
Parabolic System 17.55
Weekly Stochastic Crossing 17.06
20 Day Moving Average 17.06
50 Day Moving Average 16.99
Lower Bollinger Band 16.01
Quarterly Trendline Support 15.18
Sector and Industry
Description Name Rank
Sector Basic Materials 10
Industry Copper 67
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 16.93
Low Date 06/01/2018
High 18.38
High Date 06/07/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 14.64
Low Date 05/01/2018
High 18.38
High Date 06/07/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 20.25
High Date 01/25/2018
Low 14.64
Low Date 05/01/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 24.27
Support 15.18
Low 11.05
Low Date 06/02/2017
High 20.25
High Date 01/25/2018
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
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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