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After Yesterday's Rally of 1.35% Shares Could Potentially Pullback

By James Quinn

Freeport-McMoRan (NYSE:FCX) traded in a range yesterday that spanned from a low of $10.94 to a high of $11.50. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $11.18 on volume of 17.0 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 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.

In the past 52 weeks, Freeport-McMoRan share prices have been bracketed by a low of $3.52 and a high of $23.97 and are now at $11.34, 222% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.9%.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX