Yesterday I looked at little Hecla, lets look at one of the worlds giant miners... FCX.
FCX, daily, near term
We have a possible reversal candle today, $37 might be the floor - its certainly a good level for a near term stop. Have we just created a giant bull flag? We'll need to see $39/40 by early next week to stop this pretty fierce down trend.
Even if we do get a bounce next week, the 50 and 200 day MAs are converged at $42. It will be a really major achievement if we see FCX break above $43 in the next week or two.
Certainly, those looking for Sp'1440 - and higher, will want to watch FCX closely, it'll be a good sign if the bull case is still intact.
Conversely, if FCX fails to hold, a move under $34, would open the door to a test of the $29 level from last October.