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

By James Quinn

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 $17.08 and $17.33 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.

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.

Over the past year, Freeport-Mcmoran has traded in a range of $11.05 to $20.25 and is now at $17.25, 56% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.5%.

Freeport-Mcmoran has overhead space with shares priced $17.25, or 8.0% below the average consensus analyst price target of $18.76. The stock should discover initial support at its 50-day moving average (MA) of $17.13 and subsequent support at its 200-day MA of $16.43.

SmarTrend is monitoring the recent change of momentum in Freeport-Mcmoran. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Freeport-Mcmoran in search of a potential trend change.

Keywords: bearish inside day candle freeport-mcmoran

Ticker(s): FCX