FCX has taken a beating since it peaked around $20 a year ago. But I seem some signs that the down trend might soon come to end. The stock is in a falling wedge pattern, and a breakout to the upside would be very bullish for the stock.
Here is how I would play this one:
Wait for the break of the resistance at around 12.68 (red line). It has attempted to break 3 times and been rejected. If the stock breaks out of the wedge, AND through clears the 12.68 resistance,, that would be a clear BUY signal to me.
Here is how I would play this one:
Wait for the break of the resistance at around 12.68 (red line). It has attempted to break 3 times and been rejected. If the stock breaks out of the wedge, AND through clears the 12.68 resistance,, that would be a clear BUY signal to me.