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Freeport-Mcmoran Set to Possibly Pullback After Yesterday's Rally of 13.42%

By David Diaz

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $10.68 to a high of $10.99. Yesterday, the shares gained 13.4%, which took the trading range above the 3-day high of $10.61 on volume of 4.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $10.78, 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 0.3%.

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: rebounders freeport-mcmoran

Ticker(s): FCX