Freeport-McMoRan Inc. (FCX) technical analysis: Which way the stock is headed?

Freeport-McMoRan Inc. (NYSE:FCX) gained 0.55% in yesterday’s session, going up from its prior closing price of $14.43 to $14.51, and has now recorded rally in 4 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 6 of the last 10 days and has generated 0.62% during the last two weeks. Trading activity decreased by -0.23 million shares, and in total, 14.14 M shares exchanged hands for about $205.24 million. It should be noted that increasing price and decreasing volume show lack of interest and this is a warning that something has fundamentally changed.

Inside FCX’s Recent Trend

Freeport-McMoRan Inc. (FCX) lies in the middle of a wide and weak rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 4.85% over the course of a quarter and, with 90% chance the price will be floating in the range of $14.71 and $16.67 in this timeframe.

Freeport-McMoRan Inc. Technical Signals

FCX has witnessed its long term and short term MA triggering a buy signal but chances are low for long-term averages to cross above short-term averages which the market considers a major buy signal. Upon corrections, the price will meet support from the averages between $14.47 and $14.49. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Monday October 09, 2017, which calls for additional surge until the stock forms a new pivot point high. There was a decrease in volume but the price rose. This is usually not interpreted as a good sign as traders widely believe falling volume should see declining stock. Investors should be watching the price action like a hawk in the coming sessions.

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

Freeport-McMoRan Inc. (FCX) recorded volume accumulation so there will probably be a surplus of buyers at $14.37. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $14.87, $15.06 and $15.21.

Accumulated volume is going to prevent the price from rising further at $14.87 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 $0.23 (1.59%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 2.15%.

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