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Downtrend Broken Resist.Archive - 8/30/2024 - Sign In to see current Signals. |
WisdomTree Continuous Commodity Index Fund (GCC) Technical Analysis
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| Summary:
| | Weekly :![Broken trend resistance line](images\bullish.gif) | | Daily :![The price has fallen below the Parabolic SAR](images\bearish.gif) ![Price is near the Fibonacci 23.6% retracement level](images\alert_signals.gif) ![The price is close to the moving average in the center of the Bollinger Bands](images\alert_signals.gif) ![Price is close to the 50 Day Moving Average](images\alert_signals.gif) Move cursor over the icon to see details.
| | It was the negative week for the WisdomTree Continuous Commodity Index Fund (GCC). During the week, the GCC gave back -0.11 points, or -0.59%, and closed at 18.51 on Friday, August 30, 2024. Weekly volume was -69% 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 (15.94) is broken. A broken support is considered to be a long-term bullish signal. 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 downtrend had started on May 29, 2024 at 19.89 and reached 17.22 on July 24, 2024. GCC lost 2.67 points, or 13.42%, in 8 weeks. The price is now at the 48.31% retracement level.
Weekly Technical Indicators: [See GCC weekly technical indicators chart] Weekly technical indicators are neutral. The weekly MACD line is below its signal line since June 28, 2024. This is an indication that the medium-term trend is down. 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 July 24, 2024 at 17.22 and reached 18.88 on August 27, 2024. GCC gained -1.66 points, or -9.64%, in 34 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See GCC daily technical indicators chart] Daily technical indicators are neutral. The daily MACD line is above its signal line since August 9, 2024. This is an indication that the short-term trend is up. During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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 is close to the moving average in the center of the Bollinger Bands. 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. 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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