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Watch for Continued Losses in Shares of Freeport-Mcmoran (FCX)

By David Diaz

Shares of Freeport-Mcmoran (NYSE:FCX) traded today at $4.82, breaking its 52-week low. So far today approximately 2.4 million shares have been exchanged, as compared to an average 30-day volume of 29.7 million shares.

Freeport-McMoRan Inc. is an international natural resources company. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil, and gas.

Freeport-Mcmoran (NYSE:FCX) has potential upside of 275.3% based on a current price of $5.00 and analysts' consensus price target of $18.76. Freeport-Mcmoran shares should first meet resistance at the 200-day moving average (MA) of $10.79 and find additional resistance at the 50-day MA of $11.04.

Over the past year, Freeport-Mcmoranhas traded in a range of $4.82 to $14.68 and are now at $5.00. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.6%.

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.

Keywords: 52 week high/lows freeport-mcmoran

Ticker(s): FCX