FCX - on the slide for a second day

Freeport McMoran Copper & Gold (FCX) fell for a second consecutive day. After earlier gains, it swung lower - along with the main market, closing -1% @ $31.66. Near term trend looks very bearish, and next downside target is $30, thats another 5% lower.


FCX, daily

Summary

This mornings gains failed to break the recent high...which in fact looks like a short term double top.

A hit of the rising lower bollinger band, around $30 now looks very likely.
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FCX remains one of my favourite Miners (but also now involved in the Oil/Gas sector). Yet, the mid-term trend is STILL downward, and the daily trend is now also lower.

The big question is can FCX hold the $30s. If not, are we looking at a challenge of the lows from mid-April?

One to watch, especially as a guide for the broader market.