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SmarTrend Watching for Potential Pullback in Shares of Freeport-Mcmoran After 1.46% Gain

By Shiri Gupta

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $18.65 to a high of $18.95. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $18.86 on volume of 5.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Freeport-Mcmoran has traded in a range of $9.24 to $20.25 and is now at $18.69, 102% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.9% while the 200-day MA has slid 0.8%.

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