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FCX Earnings Surprise on Revenues, Gooses the Stock Out of its Multi-Month Base Pattern


Freeport-McMoRan Inc. (FCX) has rocketed out of its April-July rounded base formation, which projects medium-term targets of 14.60/70 (met), and then to 15.70-16.00 thereafter.

Let's notice that the first optimal target zone also coincides with the 62% recovery level of the entire Jan-July 2017 bear phase.

Usually, on the first thrust attempt to hurdle key resistance-- i.e., 14.6070, the price structure will fail, and then pull back into support, ahead of another, more powerful upleg that takes out key resistance (14.60/70), in route to a secondary higher target zone-- in this case near 16.00.

Should such a scenario unfold, then we should not rule out an upside stall at 14.60/70, followed by a give back that presses FCX into the 14.20/00 support zone, followed by the initiation of a new upleg that will point to 15.60-16.00.

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