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SmarTrend Watching for Potential Rebound in Shares of Freeport-Mcmoran After 1.39% Loss

By Nick Russo

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $12.03 to a high of $12.27. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $12.04 on volume of 3.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Freeport-Mcmoran have traded between a low of $10.59 and a high of $20.25 and are now at $12.11, which is 14% above that low price. The 200-day and 50-day moving averages have moved 0.69% lower and 1.08% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-Mcmoran on October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $13.35. Since that call, shares of Freeport-Mcmoran have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX