Bullish DailyPlay for Friday Jan 26th, 2018 – Freeport McMoran (FCX)
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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