Dominant Trend Still Bullish for FCX

By: Mike_Paulenoff

After ending its upleg from a major corrective low at 46.20 (Mar 10) to its 58.75 high (Apr 8), Freeport McMoRan Copper & Gold (FCX) has relinquished 50-55% of its prior upleg gains, which is the area to look to re-establish long positions within a larger, still-intact bull trend.

My near- and intermediate-term work argues that unless and until FCX violates the 46.20 low, the larger, dominant trend remains bullish, and acute weakness should be used as a buying opportunity.

I think the recent (current) plunge in FCX from 58.71 to 52.01 (-11.5%) provides such an opportunity -- between 53.00 and 51.00. Last is 52.34.

Sign up for a free 15-day trial to Mike's ETF & Stock Trading Diary today.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

© 2002-2011 MPTrader.com, an AdviceTrade publication.  All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.