FCX Freeport-McMoran Weekly Chart

Freeport rocket launches higher for the last month off the oversold conditions, falling wedge pattern and positive divergence. Keystone forecasted the pop at the end of November. Scroll back to look at those FCX charts or type 'FCX' in the search block to bring the charts up and see how Keystone called the bottom. Keystone exited the long trade taking profits but FCX still should have plenty of upside juice going forward on the weekly basis.

The indicators are long and strong. The stoch's cross up into bull territory above 50%. The RSI is about to pop up into bull territory. The lower band was violated so price seeks the middle band at 11.95 which was achieved. The upper band at 14.37 is on the table. Price is in the neighborhood, so it will likely want to kiss the 200-week at 13.29 and make a first attempt at piercing up through.

The daily chart is topping out and will likely peak this week. Then several days of down will occur. Copper is trading lower and FCX moves in sync with copper so Freeport will likely retreat today. Therefore, if a more patient intermediate trader, you can likely ride out the short-term pullback coming since the chart above indicates more highs coming on a weekly basis. It will not be surprising to see FCX at 14-15, say, in February. Keystone will likely reenter FCX on the long side, say, next week. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.