The Greedy Trader Weekly Analysis
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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 :Broken trend support lineOversold sectorWilliams' Percentage Range is oversold
Daily :The price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger Bands
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 -1.02 points, or -8.54%, and closed at 10.92 on Friday, December 07, 2018. Weekly volume was 29% above average.

FCX is a member of Basic Materials Sector. Basic Materials is the most oversold 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 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 (19.39) is broken. A broken support is considered to be a long-term bearish 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 support in a long-term trend.

Medium-term trend: [See FCX medium-term trend chart]
A medium-term downtrend had started on June 7, 2018 at 18.38 and reached 10.59 on October 24, 2018. FCX lost 7.79 points, or 42.38%, in 19 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 8.25 and resistance is at 11.79. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 weekly MACD line is below its signal line since March 9, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 November 26, 2018 at 10.71 and reached 12.67 on December 3, 2018. FCX gained -1.96 points, or -18.30%, in 7 days. The price is now at the 89.29% retracement level.

Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since November 26, 2018. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. 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) 39.68
Williams' Percentage Range (W%R) 72.40
Lane's Stochastic (%D-Slow) 47.70
Greed/Fear Indicator (GFI) 38.31
Moving Average Converg./Diverg. (MACD) -0.21
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.81
Williams' Percentage Range (W%R) 90.00
Oversold
Lane's Stochastic (%D-Slow) 25.26
Greed/Fear Indicator (GFI) 25.73
Moving Average Converg./Diverg. (MACD) -1.13
Trading Signals
Description Value Chart
Parabolic System 12.64
Upper Bollinger Band 12.38
50 Day Moving Average 12.11
Monthly Trendline Resistance 11.79
20 Day Moving Average 11.47
Daily Stochastic Crossing 11.43
Weekly Stochastic Crossing 11.22
Price 10.92
Lower Bollinger Band 10.76
Sector and Industry
Description Name Rank
Sector Basic Materials 1
Industry Copper 26
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 10.71
Low Date 11/26/2018
High 12.67
High Date 12/03/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 12.69
High Date 11/02/2018
Low 10.71
Low Date 11/26/2018
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 11.79
Support 8.25
High 18.38
High Date 06/07/2018
Low 10.59
Low Date 10/24/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 20.25
High Date 01/25/2018
Low 10.59
Low Date 10/24/2018
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 23.01
Support 19.39
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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