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Watch for Freeport-Mcmoran to Potentially Pullback After Gaining 1.85% Yesterday

By Nick Russo

Freeport-Mcmoran (NYSE:FCX) traded in a range yesterday that spanned from a low of $11.37 to a high of $11.57. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $11.48 on volume of 3.7 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 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.

In the past 52 weeks, shares of Freeport-Mcmoran have traded between a low of $8.43 and a high of $14.68 and are now at $11.56, which is 37% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.9%.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX