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Archive
- 4/5/2024 -
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WisdomTree Continuous Commodity Index Fund (GCC) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the WisdomTree Continuous Commodity Index Fund (GCC). During the week, the GCC gained 0.58 points, or 3.15%, and closed at 19.01 on Friday, April 5, 2024. Weekly volume was -28% below average.
 Long-term trend: [See GCC long-term trend chart]
A long-term downtrend had started on March 8, 2022 at 28.60 and reached 16.31 on January 2, 2024. GCC lost 12.29 points, or 42.97%, in 95 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (16.17) 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. GCC 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 GCC medium-term trend chart]
A medium-term uptrend had started on January 2, 2024 at 16.31 and reached 19.19 on April 5, 2024. GCC gained -2.88 points, or -17.66%, in 13 weeks. The chart has formed a Rising Wedge chart pattern. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See GCC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
 Short-term trend: [See GCC short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 16.81 and reached 19.19 on April 5, 2024. GCC gained -2.38 points, or -14.16%, in 60 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 18.62 and resistance is at 19.24. 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 short-term trend.
 Daily Technical Indicators: [See GCC daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Daily Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Relative Strength Index help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.
The price touches the upper Bollinger Band. 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.
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