FCX breaks below 200-day moving average


Freeport-McMoran Cp & Gld (FCX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
FCX breaks below 200-day moving average
FCX finds buyers at key support level
FCX closes lower for the 3rd day in a row
FCX breaks below previous session low
FCX falls to lowest close since June 28th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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.

Daily chart for FCX
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Freeport-McMoran Cp & Gld
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Inverted Hammer TQ Pro Members Only
More market conditions identified for TQ Pro members...
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