After Yesterday's Rally of 1.21% Shares Could Potentially Pullback
Freeport-McMoRan (NYSE:FCX) traded in a range yesterday that spanned from a low of $9.87 to a high of $10.20. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $10.18 on volume of 13.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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.
Freeport-McMoRan share prices have moved between a 52-week high of $23.97 and a 52-week low of $3.52 and are now trading 187% above that low price at $10.12 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%.
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