Freeport-McMoRan (FCX) Breaks Through Support at $33.53

Dec 21, 2012 (SmarTrend(R) News Watch via COMTEX) -- Freeport-McMoRan (NYSE:FCX) has opened bearishly below the pivot of $33.89 today and has reached the first level of support at $33.53. Should the shares continue to fall, the support pivots of $33.09 and $32.29 will be of interest.

Freeport-McMoRan (NYSE:FCX) has potential upside of 26.9% based on a current price of $33.41 and analysts' consensus price target of $42.41. The stock should run into initial resistance at its 200-day moving average (MA) of $36.61 and subsequent resistance at its 50-day MA of $38.25.

In the past 52 weeks, shares of Freeport-McMoRan have traded between a low of $30.54 and a high of $48.96 and are now at $33.41, which is 9% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.8% while the 200-day MA has slid 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on November 9th, 2012 by issuing a Downtrend alert when the shares were trading at $38.59. Since that call, shares of Freeport-McMoRan have fallen 11.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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