Don't Ignore This Chart

Freeport McMoRan (FCX) Solders A New 9-Month High


Freeport McMoRan (FCX) hit new 9-month closing highs today. As a miner of Copper and Gold, the strong price action in the face of weakness in the underlying metals is a very bullish trait. When the stock is outperforming the base metal, that can be a very good signal. The last panel shows a breakout on FCX compared to Copper. The second last panel shows FCX compared to Gold. The last two big thrusts in the stock have broken relative performance trend lines.

The SCTR is moving above 75 which suggests strong price action. The relative strength in purple to the $SPX is also breaking the down trend. Price action is great and the MACD is just turning up. The chart looks well set up. Enjoy the season!

Good trading,
Greg Schnell, CMT, MFTA.

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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