FCX finds buyers at key support level


Freeport-McMoran Cp & Gld (FCX) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
FCX closes above its opening price after recovering from early selling pressure
FCX finds buyers at key support level
FCX pushes through 50-day moving average
FCX closes higher for the 2nd day in a row
FCX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, FCX finished Monday at 18.16 gaining $0.29 (1.62%) on low volume. Today's closing price of 18.16 marks the highest close since March 21st. Trading up to $0.26 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 18.08, the stock confirms its breakout through the prior session's high having traded $0.14 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for FCX
Volatility

Monday's trading range was $0.39 (2.16%), that's far below last trading month's daily average range of $0.59. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 17.48 and 18.29 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 17.83 during the day, the market bounced off the key support level at 17.99. The failure to close below the support might increase that levels importance as support going forward.

Trend

FCX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The share managed to break above the 50-day moving average at 18.12 today for the first time since March 21st.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 18.29 where further buy stops might get triggered.

Conclusion

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

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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