The Greedy Trader Weekly Analysis
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Copper Industry Technical Analysis

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- 11/20/2020 -
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Freeport-McMoran Cp & Gld (FCX)

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overbought
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overbought
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It was a third consecutive positive week for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX gained 1.11 points, or 5.51%, and closed at 21.25 on Friday, November 20, 2020. Weekly volume was -27% below 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 uptrend had started on March 19, 2020 at 4.82 and reached 21.63 on November 20, 2020. FCX gained -16.81 points, or -348.76%, in 35 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (18.28) 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 long-term trend.

Medium-term trend: [See FCX medium-term trend chart]
A medium-term uptrend had started on September 24, 2020 at 14.67 and reached 21.63 on November 20, 2020. FCX gained -6.96 points, or -47.44%, in 8 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 17.32 and resistance is at 23.42. 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 medium-term trend.

Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought 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 above its signal line since May 15, 2020. This is an indication that the medium-term trend is up. 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 October 28, 2020 at 16.68 and reached 21.63 on November 20, 2020. FCX gained -4.95 points, or -29.68%, in 23 days. The price is now at the 7.68% retracement level.

Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range.

The daily MACD line is above its signal line since November 2, 2020. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.99
Williams' Percentage Range (W%R) 4.40
Strong Overbought
Lane's Stochastic (%D-Slow) 86.52
Overbought
Greed/Fear Indicator (GFI) 86.02
Overbought
Moving Average Converg./Diverg. (MACD) 0.91
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.58
Williams' Percentage Range (W%R) 2.20
Strong Overbought
Lane's Stochastic (%D-Slow) 84.01
Overbought
Greed/Fear Indicator (GFI) 81.62
Overbought
Moving Average Converg./Diverg. (MACD) 1.72
Trading Signals
Description Value Chart
Monthly Trendline Resistance 23.42
Upper Bollinger Band 22.23
Daily Stochastic Crossing 21.27
Price 21.25
Quarterly Trendline Resistance 20.64
Weekly Stochastic Crossing 20.50
Parabolic System 19.86
20 Day Moving Average 19.18
Quarterly Trendline Support 18.28
50 Day Moving Average 17.59
Monthly Trendline Support 17.32
Lower Bollinger Band 16.66
Sector and Industry
Description Name Rank
Sector Materials 12
Industry Copper 127
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 19.23
Low Date 11/11/2020
High 21.63
High Date 11/20/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 16.68
Low Date 10/28/2020
High 21.63
High Date 11/20/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 23.42
Support 17.32
Low 14.67
Low Date 09/24/2020
High 21.63
High Date 11/20/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 20.64
Support 18.28
Low 4.82
Low Date 03/19/2020
High 21.63
High Date 11/20/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 63.62
High Date 05/21/2008
Low 3.52
Low Date 01/20/2016
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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