FCX - death crossed

Freeport McMoran Copper and Gold (FCX) closed lower for a third consecutive day. The declines so far, are only moderate though. More importantly, FCX has now seen the 50 day MA cross under the big 200 day MA...the infamous death cross.


FCX, daily

Summary

Near term downside target - if the current up channel is broken, would be at least $33.

Baring a break in the main indexes, <sp'1425, FCX should comfortably hold above its December low in the $30s
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So, we now have short term weakness...endorsed by the death cross, but without question, FCX remains one of the best miners in the world.

FCX is one to watch, and can often be a good guide to the broader market direction.