Placed a short position at $50.30. FCX is getting way ahead of itself here but it has touched the upper trend line on the current channel. Looking for a short to touch the lower trend line. But will reassess my position once it touches the support level of $46.56.
Fundamentally, copper prices had turned bearish and gold prices are trading within a range between $85 and $89.50 in the GLD ETF. While FCX has gone up by another 30% in this past 5 days. This stock can’t sustain the gains.
3 comments:
Agree with you.and $50,,buck should be a psychologic resistance and if you look weekly chart old resistance so.....i'm short too so hope wer'e right..;-)
Just add short in afters market..51.91..average..nice evening star...
Yup i didn't pull out of my short at all.
http://mystockmarketjournal.blogspot.com/2009/05/my-freeport-mcmoran-fcx-short.html
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