FCX Weakens in Sympathy with the Mining Meltdown

FCX-- In sympathy with the plunge in the precious metals mining sector, FCX fell to a 9 month low at 14.60 this AM-- taking out its May low at 14.64, but so far, has NOT followed-through to the downside. Instead, FCX has recovered a bit to 14.84.

That said, however, to inflict technical damage to relentless Jan.- Aug. bear phase, FCX needs to close above 15.15 for starters, and then continue higher to take out 15.70.

In the absence of the above-mentioned "requisite upside," FCX will remain vulnerable to a retest and breach of today's low at 14.60, which will point to 13.80-13.20 thereafter, which represents the next lower potentially very important Reversal Buy Window... Last is 14.86/87

8 14 18 FCX Day GIF
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