Mining Giant Tanks On Earnings: Watch This Support
InTheMoneyStocks.com | Apr 24, 2018 01:00PM ET
Copper and gold producer Freeport-McMoran (NYSE:FCX) reported earnings early Tuesday and by mid day the stock had plunged by more than 15% to $15.95 a share. Traders should note that FCX is now trading below its 50- and 200-day moving averages, a decline that signals near-term chart weakness and further downside.h3 Lower Support/h3
While the stock should find some support around the daily 200-day moving average at $16, the better and stronger support is still lower. The next major support level for FCX will be around $14.50, which is where FCX broke out in early December 2017. As you know by now, prior break-out levels serve as excellent chart support when initially retested.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.