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Watch for Shares of Freeport-McMoRan (FCX) to Approach Support at $11.37

By Amy Schwartz

Shares of Freeport-McMoRan (NYSE:FCX) have bearishly opened below the pivot of $11.58 today and have reached the first support level of $11.48. Investors may be interested in a cross of the next downside pivot targets of $11.37 and $11.16.

In the past 52 weeks, shares of Freeport-McMoRan have traded between the current low of $0.00 and a high of $23.97 and are now at $0.00. The 200-day and 50-day moving averages have moved 0.77% lower and 3.89% higher over the past week, respectively.

Freeport-McMoRan has overhead space with shares priced $0.00, or 100.0% below the average consensus analyst price target of $15.12. Freeport-McMoRan shares should first meet resistance at the 200-day moving average (MA) of $9.24 and find additional resistance at the 50-day MA of $10.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on February 21st, 2017 by issuing a Downtrend alert when the shares were trading at $14.28. Since that call, shares of Freeport-McMoRan have fallen 18.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts freeport-mcmoran

Ticker(s): FCX