Bearish DailyPlay for Thursday March 29th, 2018 – Freeport McMoran (FCX)
The bearish DailyPlay we chose for Thursday, March 29th is Freeport McMoran (FCX). FCX is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 7.97% move lower and its 1m and 6m trend have turned bearish on 3/22 while breaking below its $57 support level which now becomes resistance.
Freeport McMoran’s 1m and 6m trends turned bearish yesterday and recently broke below its $17 support level which now becomes resistance. With a technical score of 8 (out of 10), FCX is a strong stock that is starting to trend lower.
As a stop loss, if FCX was to trade above $17 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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