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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Freeport-Mcmoran (NYSE:FCX) based on the price action in the company's shares. Yesterday's price range of $14.59 and $14.98 is within the prior day'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. Traders and investors interested in shares of Freeport-Mcmoran may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Freeport-Mcmoran (NYSE:FCX) defies analysts with a current price ($14.78) 5.7% above its average consensus price target of $13.94. 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.

Freeport-Mcmoran share prices have moved between a 52-week high of $17.06 and a 52-week low of $9.24 and closed yesterday at 60% above that low price at $14.78 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.9% while the 200-day MA has slid 0.8%.

SmarTrend recommended that subscribers consider buying shares of Freeport-Mcmoran on July 14th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.60. Since that recommendation, shares of Freeport-Mcmoran have risen 15.6%. We continue to monitor FCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle freeport-mcmoran

Ticker(s): FCX