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Freeport-Mcmoran Rises 4.29% on Heavy Volume: Watch For Potential Pullback

By Nick Russo

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $12.72 to a high of $13.36. Yesterday, the shares gained 4.3%, which took the trading range above the 3-day high of $12.69 on volume of 16.2 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 $17.06 and a 52-week low of $9.24 and are now trading 43% above that low price at $13.19 per share. The 200-day and 50-day moving averages have moved 0.77% lower and 3.89% higher over the past week, respectively.

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.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX