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Freeport-Mcmoran (FCX) Crosses Pivot Point Resistance at $8.32

By Shiri Gupta

Shares of Freeport-Mcmoran (NYSE:FCX) opened today above their pivot of $8.26 and have already reached the first level of resistance at $8.32. Analysts will be watching for a cross of the next upside pivot targets of $8.46 and $8.66.

There is potential upside of 131.7% for shares of Freeport-Mcmoran based on a current price of $8.10 and an average consensus analyst price target of $18.76. The stock should find initial resistance at its 50-day moving average (MA) of $9.24 and further resistance at its 200-day MA of $10.48.

Over the past year, Freeport-Mcmoran has traded in a range of $4.82 to $14.68 and is now at $8.10, 68% above that low. The 200-day and 50-day moving averages have moved 0.53% lower and 2.41% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Freeport-Mcmoran on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.16. Since that recommendation, shares of Freeport-Mcmoran have risen 12.2%. We continue to monitor FCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts freeport-mcmoran

Ticker(s): FCX