FCX closes within previous day's range after lackluster session
Freeport-McMoRan Inc. (FCX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
FCX finished Thursday at 6.99 losing $0.26 (-3.59%), significantly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FCX as at Mar 26, 2020):
Thursday's trading range has been $0.55 (7.58%), that's far below the last trading month's daily average range of $0.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FCX.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 7.67 where further buy stops might get activated.