Freeport McMoran (FCX) posted lousy earnings for Q2, even failing to meet the lowered targets set by the mainstream analysts. Naturally, FCX opened lower by around -6% (intra low $11.25), but then swung strongly higher, settling +2.4% at $12.68. The $14 threshold remains key.
Suffice to add, lousy earnings, as the miners struggle with commodity prices remaining very low - relative to just a few years ago.
However, after a combination of short-covering and some 'bullish chasers', FCX managed a very notable net daily gain.
First upside target is a daily break/hold of the $14 threshold. If that is achieved, then the door will open to $20 by year end.