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Watch for Freeport-Mcmoran to Potentially Rebound After Falling 1.39% Yesterday

By Shiri Gupta

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.

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.

Freeport-Mcmoran share prices have moved between a 52-week high of $20.25 and a 52-week low of $10.59 and are now trading 14% above that low price at $12.11 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.1%.

Keywords: rebounders freeport-mcmoran

Ticker(s): FCX