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Copper Industry Stocks Technical Analysis - FCXArchive
- 11/8/2024 -
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Freeport-McMoran Cp & Gld (FCX) Technical Analysis
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| Summary:
| | | Weekly : | | Daily : 
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| | It was a first positive week after 5 consecutive negative weeks for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX gained 0.77 points, or 1.69%, and closed at 46.36 on Friday, November 8, 2024. It was the best weekly gain since September 27, 2024. Weekly volume was -8% below average.
 Long-term trend: [See FCX long-term trend chart]
A long-term uptrend had started on November 10, 2023 at 32.83 and reached 55.24 on May 20, 2024. FCX gained -22.41 points, or -68.26%, in 27 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 41.60 and resistance is at 69.57. 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 uptrend had started on August 5, 2024 at 39.08 and reached 52.61 on September 26, 2024. FCX gained -13.53 points, or -34.62%, in 7 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 39.79 and resistance is at 61.91. Use the following link to access a Broadening Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since September 27, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See FCX short-term trend chart]
A short-term downtrend had started on September 26, 2024 at 52.61 and reached 44.72 on October 31, 2024. FCX lost 7.89 points, or 15.00%, in 35 days. The price is now at the 20.79% retracement level.
Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since October 9, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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.
Price is close to the 50 Day Moving Average. 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.
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