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Freeport-McMoRan Inc (FCX) “On a long-term technical basis, the stock (FCX) is trading below its 200-day moving average which implies it is in a negative trend.
The stock has support at 8.07 and 7.30. If the stock breaks down through support at 8.07 then it will probably continue lower to 7.30. The stock has resistance at 8.67 and at 10.24. If the stock breaks up through resistance at 8.67 then it will probably continue higher to 10.24. The 200-day moving average is at 10.24. This will also act as resistance. The stock has broken out of its long-term downtrend and is looking more positive recently. If the stock can form new support above 8.07 look for a rally to previous highs. The stock is extremely overbought according to the Stochastic Indicator (79.02), so look for a possible pullback soon. Confirm this with the Short-Term and Daily Opinion to keep from exiting prematurely.”
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