FCX, daily
FCX, monthly
Summary
So.. another rough day for Freeport, as its in the midst of a dispute with the Indonesian govt' who are still refusing an export license... to terms that FCX (so far) can't accept. Further, this past weekend, Chappy Hakim, the chief executive of Freeport's Indonesian unit resigned. That sure isn't inspiring confidence in the company.
Short term price structure is ugly.. as the low $13s seem viable.
Seen on the giant monthly cycle though, things only turn bearish in April if FCX is sustainably trading under the mid $12s.. which would be a break of the 200dma, the monthly 10MA.. and rising trend, that stretches back to the core low of $3.52 from Jan'2016.
--
Najarian, CNBC
Dr J' highlighting the DB downgrade of FCX from hold to sell, with a target of $12.50.
-
Yours truly is bullish the Gold, Silver, and especially Copper miners for the mid/long term, as I continue to see the inflationary scenario panning out into 2018... something the central banks will be very pleased about.
