Wednesday, 28 September 2016

FCX - rising with Copper

Whilst the broader equity market closed moderately higher, there was notable strength in Freeport McMoran, which settled +6.8% @ $10.90. First target is the $14 threshold. Any daily closes above that would bode for upside into spring 2017 to the $20 threshold.

FCX, daily

FCX, monthly


*price structure on the monthly chart is offering a multi-month bull flag.

Suffice to add... eyes on Copper. If Copper >$2.40 before year end, it will break a 5 year downward trend, and that will bode for mid term upside in FCX to $20.