- 5/26/2023 -
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Freeport-McMoran Cp & Gld (FCX)
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|It was the negative week for the Freeport-McMoran Cp & Gld (FCX). During the week, the FCX dropped -0.96 points, or -2.69%, and closed at 34.77 on Friday, May 26, 2023. Weekly volume was -21% below average. |
FCX is a member of Materials Sector. Materials is the second 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 51.99 on March 25, 2022. FCX gained -48.47 points, or -1376.99%, in 322 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 5.82 and resistance is at 60.89. 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 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 long-term trend.
Medium-term trend: [See FCX medium-term trend chart]
A medium-term downtrend had started on January 25, 2023 at 46.73 and reached 33.05 on May 24, 2023. FCX lost 13.68 points, or 29.27%, in 17 weeks. The price is now at the 12.57% retracement level.
Weekly Technical Indicators: [See FCX weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. 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 below its signal line since March 10, 2023. This is an indication that the medium-term trend is down. 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 April 14, 2023 at 43.46 and reached 33.05 on May 24, 2023. FCX lost 10.41 points, or 23.95%, in 40 days. The chart has formed a Falling Wedge chart pattern.
Daily Technical Indicators: [See FCX daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.