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Midday Markets by Mike Paulenoff 8/14 - FCX Weakens in Sympathy with the Mining Meltdown

Tuesday August 14th, 2018
by Mike Paulenoff

FCX-- In sympathy with the plunge in the precious metals mining sector, FCX fell to a 9 month low at 14.60 this AM-- taking out its May low at 14.64, but so far, has NOT followed-through to the downside. Instead, FCX has recovered a bit to 14.84.

That said, however, to inflict technical damage to relentless Jan.- Aug. bear phase, FCX needs to close above 15.15 for starters, and then continue higher to take out 15.70.

In the absence of the above-mentioned "requisite upside," FCX will remain vulnerable to a retest and breach of today's low at 14.60, which will point to 13.80-13.20 thereafter, which represents the next lower potentially very important Reversal Buy Window... Last is 14.86/87

Mike Paulenoff is author of, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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