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Watch for Shares of Freeport-Mcmoran (FCX) to Approach Support at $9.32

By David Diaz

Shares of Freeport-Mcmoran (NYSE:FCX) have bearishly opened below the pivot of $9.79 today and have reached the first support level of $9.60. Should the shares continue to fall, the support pivots of $9.32 and $8.85 will be of interest.

There is potential upside of 96.7% for shares of Freeport-Mcmoran based on a current price of $9.54 and an average consensus analyst price target of $18.76. The stock should run into initial resistance at its 50-day moving average (MA) of $10.93 and subsequent resistance at its 200-day MA of $11.58.

Freeport-Mcmoran share prices have moved between a 52-week high of $15.26 and a 52-week low of $9.41 and are now trading 1% above that low price at $9.54 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

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: pivot alerts freeport-mcmoran

Ticker(s): FCX