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Freeport-McMoRan (FCX) Crosses Pivot Point Resistance at $35.69
Feb 05, 2013 (SmarTrend(R) News Watch via COMTEX) --
Shares of Freeport-McMoRan (NYSE:FCX) opened today above their pivot of $35.47 and have already reached the first level of resistance at $35.69. Analysts will be watching for a cross of the next upside pivot targets of $36.04 and $36.60.
Over the past year, Freeport-McMoRan has traded in a range of $30.54 to $47.28 and is now at $35.64, 17% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.
Potential upside of 14.4% exists for Freeport-McMoRan, based on a current level of $35.64 and analysts' average consensus price target of $40.76. The stock should hit resistance at its 200-day moving average (MA) of $35.96, as well as support at its 50-day MA of $34.94.
SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on November 9th, 2012 by issuing a Downtrend alert when the shares were trading at $38.59. Since that call, shares of Freeport-McMoRan have fallen 8.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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