Freeport-McMoRan Inc Slams Into Major Resistance

Shares of Freeport-McMoRan Inc (NYSE:FCX) finally slammed into a major resistance level at $18.75 today. The stock has been up, almost non-stop for the past month, jumping from $14.00 to today's high. Based on trend line analysis, extension moves and overbought indicators, this is a strong short at this current level for a pull back to $15.75. Freeport-McMoRan Inc has had a great run because gold has bounced, but more importantly copper has been at the highest level in years. A strong copper price signals strong global economic growth. The short on Freeport-McMoRan has nothing to do with global growth or where the economy will be in a year. More-so with the near-term overbought factors that allow us as swing traders to profit on pull backs.





Gareth Soloway
InTheMoneyStocks