Monday, 7 July 2014

FCX - building gains on a down day

Whilst the main equity market was moderately weak, Freeport McMoran (FCX) built further gains, settling +0.4% @ $38.67. Near term outlook is bullish, and there looks to be upside to the big $50 level, if sp'2100s.

FCX, daily

FCX, weekly


Suffice to say, FCX remains one of my favourite stocks of the entire market (not just of the mining sector), and the recent breakout is indeed pretty important.

There looks to be very viable upside to the big $50 level - last seen in spring 2011. As ever, price action will be very dependent on copper prices, but Copper is now pulling away from the $3 threshold, and looks set for the upper $3s by year end/early 2015.

If you consider that the sp'2100s are now likely, FCX will surely push higher with the broader market.