FCX breaks below 200-day moving average
Freeport-McMoran Cp & Gld (FCX) Technical Analysis Report for Jul 13, 2018
Moving lower for the 3rd day in a row, FCX finished the week -4.05% lower at 16.80 after losing $0.49 (-2.83%) today on high volume. Today's closing price of 16.80 marks the lowest close since June 28th. Closing below Thursday's low at 17.20, the market confirms its breakout through the previous session's low having traded $0.74 below it intraday.
Friday's trading range was $0.67 (3.93%), that's above last trading month's daily average range of $0.57. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 16.46 during the day, the stock bounced off the key support level at 16.66. The failure to close below the support could increase that levels importance as support going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. Freeport-McMoran Cp broke below the 200-day moving average at 16.90 today for the first time since June 19th.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.