FCX Freeport McMoran Weekly Chart H&S

FCX Freeport McMoran weekly chart shows a right shoulder forming now. Not a day goes by without this company in the news and traders use it as a direct proxy for copper. Negative divergence spanked it down to stat the year. Copper has struggled recently but popped back up yesterday. Note how stingy the chart is with leaving gaps behind, the only gaps present now are below in the 38 to 43 area.

Price closed above the 20 MA which is bullish but the 57.5 level offers up strong resistance. This 55-58 area is a good candidate for a right shoulder for the pink H&S. Note the tweezer bottom that occurred at the 47 neckline a couple weeks ago. The 32 level would be targeted if/when the neckline fails at 47. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.