FCX - still broadly very weak

Freeport McMoran Copper & Gold (FCX) saw yesterdays black-fail candle confirmed, with a significantly lower close, -1.9% @ $27.73. Near term trend remains weak, and there is very strong downside pressure from the bigger weekly/monthly cycles. Next target are the $25s.


FCX, daily

FCX, weekly

Summary

The miners continue to suffer on a multi-month basis, and even the largest/most profitable - like FCX, are seeing broad declines.
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The broad price formation for FCX is very much almost identical to the Copper chart. Copper itself looks set for the low $2s at some point within 6-12mths.

If that is the case, then FCX looks set to hit a multi-year floor, somewhere in the 15-10$ range, which is of course a horrifically long way down.