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Rant & Rave Blog

This Is Why Freeport-McMoRan Will Pull Back Sharply (NYSE:FCX)

Posted by Gareth Soloway Monday, May 02, 2016, 03:36PM ET

Read 1513 times

Freeport-McMoRan Inc (NYSE:FCX) has ripped higher from a low of $3.50 on January 20th, 2016 to a high today of $14.04. This is a mega run of 300%. While huge, the run itself does not dictate a pull back. Instead, smart investors need to look at the chart and find technical levels for a drop.

 

In the chart below these technical reasons show perfectly. Notice the stock hit a major pivot top from October 2015 as well as a secondary upsloping trend line connecting the lows from August & September 2015. The fact that two major trend lines intersect right where price hit, tells us there is a 90% chance of a sharp correction in the $FCX price action. A pull back is likely to take you down to $11.00.

 

Note the chart below...

 

 

Gareth Soloway

Chief Market Strategist

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