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After Yesterday's Rally of 1.18% Shares Could Potentially Pullback

By James Quinn

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $17.83 to a high of $18.21. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $18.17 on volume of 5.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Freeport-Mcmoran share prices have moved between a 52-week high of $20.25 and a 52-week low of $9.24 and are now trading 96% above that low price at $18.11 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.9%.

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: rebounders freeport-mcmoran

Ticker(s): FCX