The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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WisdomTree Continuous Commodity Index Fund (GCC) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overbought
Daily :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overbought
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It was a fourth consecutive positive week for the WisdomTree Continuous Commodity Index Fund (GCC). During the week, the GCC gained 0.52 points, or 2.92%, and closed at 18.30 on Friday, March 15, 2024. It was the best weekly gain since October 13, 2023. Weekly volume was -68% 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 price is now at the 16.19% retracement level.

Medium-term trend: [See GCC medium-term trend chart]
A medium-term uptrend had started on January 2, 2024 at 16.31 and reached 18.30 on March 15, 2024. GCC gained -1.99 points, or -12.20%, in 10 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (17.38) 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 medium-term trend.

Weekly Technical Indicators: [See GCC 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 February 16, 2024. This is an indication that the medium-term trend is up. 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 March 5, 2024 at 17.44 and reached 18.30 on March 15, 2024. GCC gained -0.86 points, or -4.93%, in 10 days. Price is near the trend high.

Daily Technical Indicators: [See GCC daily technical indicators chart]
Daily Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index or strongly overbought daily Williams' Percentage Range and Lane's Stochastic. Use the following link to access Relative Strength Index help.

The daily MACD line is above its signal line since February 7, 2024. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.72
Overbought
Williams' Percentage Range (W%R) 0.80
Strong Overbought
Lane's Stochastic (%D-Slow) 95.63
Strong Overbought
Greed/Fear Indicator (GFI) 92.51
Strong Overbought
Moving Average Converg./Diverg. (MACD) 0.20
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.13
Williams' Percentage Range (W%R) 0.50
Strong Overbought
Lane's Stochastic (%D-Slow) 86.28
Overbought
Greed/Fear Indicator (GFI) 81.78
Overbought
Moving Average Converg./Diverg. (MACD) -0.18
Trading Signals
Description Value Chart
Upper Bollinger Band 18.39
Price 18.30
Daily Stochastic Crossing 18.28
Weekly Stochastic Crossing 18.13
Parabolic System 17.94
20 Day Moving Average 17.58
Monthly Trendline Resistance 17.39
Monthly Trendline Support 17.38
50 Day Moving Average 17.21
Lower Bollinger Band 16.94
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 17.44
Low Date 03/05/2024
High 18.30
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 16.81
Low Date 02/05/2024
High 18.30
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 17.39
Support 17.38
Low 16.31
Low Date 01/02/2024
High 18.30
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 18.49
High Date 09/14/2023
Low 16.31
Low Date 01/02/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 28.60
High Date 03/08/2022
Low 16.31
Low Date 01/02/2024
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.