FCX - bear flag

Freeport McMoran Copper and Gold (FCX) remains one of the worlds greatest mining companies. In terms of price action, it is closely mirroring the broader Sp'500 index. There is currently a pretty obvious bear flag, a break under $39 will confirm it.


FCX, daily

Summary

Great company, but that is a pretty clear bear flag on the daily chart.

A break under $39 would threaten the trend/channel, June rally from $31.

There will be VERY strong support around the $37/38 level though, with the 200 day MA.

If we see FCX break into the 36s or lower, it might be a leading indicator of trouble in the broader market this autumn.