Wednesday, December 20, 2017 12:45:45 PM
In the last two trading weeks, Freeport-McMoRan Inc (NYSE:FCX) has spiked almost 25%. This recent spike higher has been on hopes of economic growth in 2018 due to corporate tax cuts. However, the underlying commodities like gold and copper are not confirming this move. While I would not short Freeport-McMoRan Inc yet, there is a quickly approaching major level. The level is around $18.75 and is found by connecting the highs from late 2015, late 2016 and early 2017. When connected, this trend line gives you a dead swing trade short level of $18.75. Shares of Freeport-McMoRan Inc are only a little over a Dollar away. Every past hit of this trend line has caused a massive drop in the stock. Ready to lock and load a short here, heads up.
Gareth Soloway
InTheMoneyStocks
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