Markets

Is Freeport-McMoRan Inc. (FCX) Investing Its Way Into A Muddle?

Freeport-McMoRan Inc. (NYSE:FCX) fell by -0.47% in Thursday’s trading session from $13.93 to $13.87 and has now fallen 4 consecutive sessions. The price has been moving in both directions for this period, and there has been a -4.77% loss over 10-day period. There was a decrease in both volume and price. This is usually interpreted as a good sign as traders widely believe falling stock should see declining volume. Traded activity experienced a fall of -8.00 million shares and in total 15.71 M shares exchanged hands for about $217.78 million.

Inside FCX’s Recent Trend

Freeport-McMoRan Inc. (FCX) has broken the wide and strong rising short-term trend down. This signalize a slower rising rate, but may also be an early warning about a possible trend shift. Due to trend being broken there will now be resistance at the bottom line of the trend at $14.86. A reaction back to this level may hold a second chance to get out before further falls.

Freeport-McMoRan Inc. Technical Signals



FCX has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $14.43 and $14.61. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Thursday September 07, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. The downbeat movement of both volume and price during the recent session is interpreted as a good sign because traders usually believe falling stock should see declining volume.

Freeport-McMoRan Inc. (NYSE:FCX) Support And Resistance Levels

In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $13.00 and $12.52. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $14.15, $14.87 and $15.06.




It is important to note, however, that the stock needs to make its way through natural risk while testing a key support level. Once this support is broken, another support level will be to be established at a lower level. Turning back to this stock, Freeport-McMoran Inc approaches the first support point just current price at $13.00. In case of a break, the next support we will see from accumulated volume is going to be at $12.52 and $12.27. Accumulated volume is going to prevent the price from rising further at $14.15 and this action will lead the price to take a temporary pause or stay muted for a few days.

Freeport-McMoRan Inc. (FCX) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.26 (1.94%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 2.87%.

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