Wednesday, 9 March 2016

FCX - short term upside, broadly vulnerable

Whilst the main market closed moderately higher, there was notable strength in Freeport McMoran (FCX) which settled higher by a very significant 5.6% @ $9.15. The 200dma remains core resistance in the $10s. A break under the Jan'20th low of $3.52 still looks probable by late spring/early summer.

FCX, daily

FCX, monthly


Suffice to add... FCX has seen a powerful ramp since the January low, but then.. it saw an equally strong ramp last August-October.

The company still looks seriously vulnerable, being involved in not just the mining sector, but the equally battered oil/gas service sector.

FCX remains on my disappear list.