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Freeport-Mcmoran (FCX) Crosses Pivot Point Resistance at $9.22

By Amy Schwartz

Freeport-Mcmoran (NYSE:FCX) has opened bullishly above the pivot of $8.92 today and has reached the first level of resistance at $9.22. Should the shares continue to rise, the resistance pivots of $9.43 and $9.94 will be of interest.

In the past 52 weeks, Freeport-Mcmoran share prices have been bracketed by a low of $8.43 and a high of $14.68 and are now at $9.29, 10% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 2.2%.

Potential upside of 102.0% exists for Freeport-Mcmoran, based on a current level of $9.29 and analysts' average consensus price target of $18.76. The stock should find initial resistance at its 50-day moving average (MA) of $9.58 and further resistance at its 200-day MA of $11.20.

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: pivot alerts freeport-mcmoran

Ticker(s): FCX