Tuesday, 8 November 2016

FCX - surging with Copper

Whilst the main market closed higher for a second consecutive day, there was very significant strength in the copper miners, with Freeport McMoran settling +7.2% @ $12.10, the best close since late August. Near term outlook remains mixed, and things only turn outright bullish with a break above the $14 threshold.

FCX, daily

FCX, monthly


With copper prices in the $2.30s - the highest level since Nov'2015, the copper miners - such as FCX and TCK, had a very bullish day.

Broader price action since April has been very choppy.

FCX has a strong short term floor of around $9.50, with huge resistance at the $14 threshold. Things turn VERY bullish on any daily closes in the 14s. By definition, from there... $20.. by late spring/early summer 2017.