Copper Rebounds But FCX Has Preferred Technical Set-Up

Copper futures definitely have the right look of the establishment of a significant lower-low with the price structure having initiated a recovery rally.

Purely from an intermediate-term pattern perspective, however, Freeport-McMoRan Copper & Gold Inc. (FCX) has a potentially more powerful set-up, if only because it did not press to new lows despite the plunge in copper prices.

Furthermore, the higher-low in FCX preserves the integrity of the 2-1/2 year base formation.

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