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SmarTrend Watching for Potential Rebound in Shares of Freeport-Mcmoran After 3.12% Loss

By Shiri Gupta

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $16.46 to a high of $17.13. Yesterday, the shares fell 3.1%, which took the trading range below the 3-day low of $17.20 on volume of 15.5 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 $11.77 and a high of $20.25 and are now at $16.79, which is 43% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.2%.

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.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX