FCX, TCK - Copper miners continue to decline

With the broader equity market significantly lower, the miners could not escape. Freeport Mcmoran (FCX) and Teck Resources (TCK) settled lower by -4.7% and -6.1% respectively. Near term outlook is weak, within a much broader downtrend.


FCX, daily

TCK, daily

Summary

A really rough day for most mining stocks, but particularly those involved in Copper.

Broader downside targets..

FCX $20... secondary... $17
TCK $10... secondary $7.
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Copper prices - along with Oil, remain broadly weak, and could slip to the $2.30/20s. If so.. then the secondary targets of $17 and $7 look very likely to be hit.

I am VERY bullish about both FCX and TCK in the long term, and will strongly consider picking both up next spring/early summer.