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Mining Giant Tanks On Earnings: Watch This Support

Published 04/24/2018, 01:00 PM
Updated 05/14/2017, 06:45 AM

Copper and gold producer Freeport-McMoran (NYSE:FCX) reported earnings early Tuesday and by mid day the stock had plunged by more than 15% to $15.95 a share. Traders should note that FCX is now trading below its 50- and 200-day moving averages, a decline that signals near-term chart weakness and further downside.

Lower Support

While the stock should find some support around the daily 200-day moving average at $16, the better and stronger support is still lower. The next major support level for FCX will be around $14.50, which is where FCX broke out in early December 2017. As you know by now, prior break-out levels serve as excellent chart support when initially retested.
Freeport-McMoran Copper & Gold

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