OptionsPlay DailyPlay

The bearish DailyPlay we chose for Thursday December 3rd is Freeport McMoRan (FCX). FCX is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 0.29% move lower and its 6m trend just turned neutral today from bullish after failing to break above its $46 resistance.

Freeport McMoRan’s 1m and 6m trends just turned bearish on 11/6 and recently broke below its $9 support level which now becomes support. With a technical score of 1 (out of 10), FCX looks positioned to continue this strong bearish trend lower.

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