Freeport-McMoran is a top 5 $SPX gainer this morning. Shares are up over 5% as it extends this week’s trendline break past the September highs. FCX is now 23% above its September low and is set up well for more upside.
Aggressive buying is evident this month. Oct. 7th volume was the highest upside trade since early May.
FCX is tracing out a divergent low(daily/MACD indicator).
On the downside, a close back below $34.00 would violate this week’s low sending a clear warning sign that this week’s trendline breakout has failed.
Earnings are due 10/21/AM
Not a recommendation to buy, sell or hold.