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Freeport-Mcmoran Set to Possibly Pullback After Yesterday's Rally of 4.29%

By David Diaz

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.

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.

Over the past year, Freeport-Mcmoran has traded in a range of $9.24 to $17.06 and is now at $13.19, 43% above that low. Over the last five market days, 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