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After Yesterday's Rally of 3.23% Shares Could Potentially Pullback

By David Diaz

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $11.33 to a high of $11.58. Yesterday, the shares gained 3.2%, which took the trading range above the 3-day high of $11.40 on volume of 17.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $9.47 and a high of $17.20 and are now at $11.45, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.4%.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX