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Possible Bearish Inside Day Candle Pattern Detected for Freeport-Mcmoran (NYSE:FCX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Freeport-Mcmoran (NYSE:FCX) based on the price action in the company's shares. Today's price range of $12.67 and $12.77 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Freeport-Mcmoran may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 48.1% for shares of Freeport-Mcmoran based on a current price of $12.67 and an average consensus analyst price target of $18.76. Freeport-Mcmoran shares should encounter resistance at the 200-day moving average (MA) of $13.39 and support at the 50-day MA of $12.15.

Over the past year, Freeport-Mcmoran has traded in a range of $9.60 to $19.70 and is now at $12.67, 32% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.

Freeport-McMoRan Inc. is an international natural resources company. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil, and gas.

SmarTrend recommended that subscribers consider buying shares of Freeport-Mcmoran on February 13th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.13. Since that recommendation, shares of Freeport-Mcmoran have risen 5.7%. We continue to monitor FCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle freeport-mcmoran

Ticker(s): FCX