Freeport-McMoRan (NYSE:FCX) has opened bullishly above the pivot of $33.85 today and has reached the first level of resistance at $34.68. Should the shares continue to rise, the resistance pivots of $35.16 and $36.47 will be of interest.

In the past 52 weeks, Freeport-McMoRan share prices have been bracketed by a low of $30.54 and a high of $48.96 and are now at $34.99, 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.5%.

Freeport-McMoRan has overhead space with shares priced $34.99, or 17.7% below the average consensus analyst price target of $42.50. The stock should run into initial resistance at its 200-day moving average (MA) of $36.31 and subsequent resistance at its 50-day MA of $36.91.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on November 9th, 2012 by issuing a Downtrend alert when the shares were trading at $38.59. Since that call, shares of Freeport-McMoRan have fallen 11.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.