Correction time for FCX
The miners have had a nice bounce recently but none of them can compare to the apparent trend reversal for Freeport Mcmoran (FCX). The great run that started in late June has left many investors behind, causing them to watch with envy and hope for a pullback to buy. Such a pullback could be right around the corner as FCX is coming up on overhead resistance as well as forming an exhaustion peak 5.
If the price does form a short term high, look for an AB=CD pattern down to 34 (strong support). It would also be a 0.382 retracement of the overall bull market move and, if volume dries up, represents an excellent entry point for this leader in the mining sector.
If the price does form a short term high, look for an AB=CD pattern down to 34 (strong support). It would also be a 0.382 retracement of the overall bull market move and, if volume dries up, represents an excellent entry point for this leader in the mining sector.
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