Upside Breakout For FCX

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By Mike Paulenoff | Published 03/23/2011 | Futures , Stocks | Unrated

Upside Breakout For FCX

Let's notice that Freeport McMoran Copper & Gold (FCX) has accelerated above key near-term resistance at 53.20/40 and has followed through so far to 54.00. This looks to me like a strong upside breakout from a 4-week bottoming period in the aftermath of a major correction within its dominant bull trend.

If my work proves correct, then FCX is on its way to 57.50-58.00 next, and on any significant weakness should not violate support at 51.00.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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