FCX Freeport McMoran Daily Chart Falling Wedge H&S Gaps

FCX Freeport McMoran daily chart showing lots of technical action including the December-January negative divergence spank down as forecasted. The top occurred with a hanging man and doji candle as well. Note the purple circles showing the 20 MA falling under the 50 MA, bearish. In February when this occurred, you see a bounce to back kiss the 20 MA and then FCX went over the falls.

The teal falling wedges now are projecting a 46-ish bounce point. The 46.5 level is the neckline of the pink H&S that has been in play now for the last 8 months. Head at 60-ish and neck line at 46-ish targets the 32-ish area. The green circles show gaps that need filled between 40 and 45. Above, however, there are only two small gaps, 51 and 52.5; there is no reason for price to go any higher than to fill these gaps. The 50 MA is also at 52-ish so this will serve as a resistance ceiling for price.

Note that over the last two months, the case can be made for positive divergence setting up, once price moves to 46 or lower, but you have to take it one day at a time. it makes sense that the neckline will be a focal point here on out and price will fight to keep it, since, should the neck line fail, then the 32 area is the target. Projection is continued sideways to sideways down moving forward. Perhaps the 32 will be achieved as the leaves fall from the trees. 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.