But improved price action this week suggests Freeport-McMoRan, Inc. (FCX) may be poised for further upside into the fourth quarter.
So with a bearish momentum reading at the May peak, then a bullish momentum reading at the August and September lows, FCX was primed for an upside breakout.
The breakout in March 2024, leading to the May peak, suggested a new uptrend as the price exited this basing pattern.
The stock gapped higher on Tuesday, pushing above short-term resistance around $46 as well as a trendline using the May and July highs.
The stock did become overbought this week, with the RSI popping just above the 70 level on the recent breakout.
Persons:
FCX, David Keller
Organizations:
Inc, Freeport, CMT, CNBC, NBC UNIVERSAL
Locations:
Freeport, McMoRan