• 658 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 660 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,064 days Americans Still Quitting Jobs At Record Pace
  • 1,066 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,069 days Is The Dollar Too Strong?
  • 1,070 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,072 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,077 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,080 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,080 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,084 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,084 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

  1. Home
  2. Markets
  3. Other

Copper Miner Worth Watching

Freeport-McMoran Copper & Gold Inc. (symbol FCX) engages in the exploration, mining, and production of mineral resources. The company primarily explores for copper, gold, molybdenum, silver, and cobalt. Obviously, copper is an economically sensitive commodity. Weakness in FCX, all things being equal, is a negative for the markets and economy.

Similar to the technical weakness in Germany we showed on February 14, Freeport-McMoRan's weekly chart is rolling over in a similar manner to July 2011. The comments below only hold water if the negative setups hold through the end of the week. We all know weakness can turn into strength rapidly in a headline-driven environment.

Point C in the chart below highlights the price of FCX. Point B highlights the performance of the S&P 500. Compare points A and A2, which show weakness in the Full Stochastic indicator. Similarly, the MACD Histogram from last summer (point D) looks similar to the present day (point D2); both have "ticked down", which can foreshadow a change in trend. The same can be said for the slowing momentum illustrated with Williams % R (points E and E2).

FCX (Freeport McMoran ) NYSE + BATS

Freeport-McMoRan is also battling to stay above its downward-sloping 200-day moving average. The last time FCX failed to hold the 200-day it experienced weakness for two months, along with a general aversion to risk assets. The 200-day sits at 42.32.

FCX (Freeport McMoran ) NYSE + BATS

 

Back to homepage

Leave a comment

Leave a comment