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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 $11.31 and $11.35 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.

Over the past year, Freeport-Mcmoran has traded in a range of $9.47 to $18.14 and is now at $11.34, 20% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has slid 0.5%.

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.

There is potential upside of 65.5% for shares of Freeport-Mcmoran based on a current price of $11.34 and an average consensus analyst price target of $18.76. The stock should find initial resistance at its 50-day moving average (MA) of $11.43 and further resistance at its 200-day MA of $12.00.

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