Monday, 14 October 2013

FCX - the best miner trying to breakout

With the main indexes recovering from opening declines, Freeport McMoran (FCX), had a particularly strong day, closing +1.3% @ $33.87. The break above $33.50 is pretty significant, and next key target is the 200 day MA at $36. A weekly close in the 36s..or higher would open up $40 in Nov/Dec.

FCX, daily

FCX, weekly


Suffice to say, a good day for some of the mining stocks.

FCX is unquestionably one of the better resource stocks out there..although it should be kept in mind that FCX is also now involved in the Oil and Gas service industry.

*if the main market can continue to rally into year end - with sp' in the 1800s, then FCX will surely be in the $40s.