Tuesday, 13 May 2014

FCX - battling higher

Whilst the main market saw a day of mostly minor chop, the giant miner Freeport McMoran Copper and Gold (FCX) saw strong gains, settling +1.9% @ $35.57.The bigger weekly cycle looks bullish into the low $37s - the Jan'2 high.

FCX, daily

FCX, weekly


*I was recently long this stock (for earnings), and I kinda missed the bigger part of the move, as the main market broke new highs.

FCX looks set for the low $37s...but the $40s look unlikely this summer, not least if the broader market does eventually rollover (if only for a few months!)