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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 $18.66 and $18.92 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.

There is potential upside of 4.0% for shares of Freeport-Mcmoran based on a current price of $18.81 and an average consensus analyst price target of $19.55. The stock should discover initial support at its 50-day moving average (MA) of $10.33 and subsequent support at its 200-day MA of $9.24.

Over the past year, Freeport-Mcmoran has traded in a range of $9.24 to $20.25 and is now at $18.81, 104% above that low. The 200-day and 50-day moving averages have moved 0.77% lower and 3.89% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Freeport-Mcmoran and will alert subscribers who have FCX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle freeport-mcmoran

Ticker(s): FCX