FCX Pushing Higher - Market Analysis for Jul 26th, 2011

In theory, the commodity mining, producer type names should perform well in an environment of dollar weakness. Such is the case with Freeport-McMoRan Copper & Gold (FCX).

FCX is pushing up towards a retest of its prior multi-month rally peak at 56.68 from July 21, which should be hurdled and will trigger upside continuation that projects to 58.00-59.00 next.

At this juncture, only a failure to hurdle 56.68 followed by a decline that breaks 54.80 will compromise the timing of the upside breakout of this very constructive pattern.