The bullish DailyPlay we chose for Friday Jan 26th is Freeport McMoran (FCX). FCX is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 5.75% move higher and its 1m and 6m trend has turned bullish on 12/18 and broke above its $63.50 resistance level which now becomes support.
Freeport McMoran’s 1m and 6m trends turned bullish on 12/7 and recently bounced higher off its $19 support level. With a technical score of 9 (out of 10), FCX is a strong bullish stock that will likely continue higher.
As a stop loss, if FCX was to trade below $19 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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