Tuesday, 12 July 2016

FCX - pushing for the teens

Whilst the Dow/sp'500 continued to break new historic highs, there was far more notable strength in Freeport McMoran (FCX), which settled higher by a very powerful 10.8% @ $12.91, the best level since early May. Next upside target is $14, and then the psy' level of $20.

FCX, daily

FCX, monthly


Suffice to add, after being stuck since early May, FCX looks headed back into the teens... and eventually, to the psy' level of $20 - along with sp'2200s.

FCX is being removed from my 'disappear list', as if commodities have floored, and further QE money is being injected across the world, then the miners are going to continue to recover.