Last weeks quiz highlighted below that support had come into play and a bounce could take place at these lines. (see post here)
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Below is an update 4 business days later. Even though last Friday and Monday were pretty rough on the downside, the chart below reflects some nice price action off of key support.
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Nothing is proven at this time, yet a couple of nice days upward action is taking place at (1) in FCX as it was up over 6% yesterday and is reflecting relative strength again today…good for the stock and a couple of days decent macro news too!
Looks like we could have a magnificient head and shoulders on FCX and copper in a few months… So SMN should have a very brilliant future!
Thanks Chris for updating. FCX shows positive divergence on RSI. So equities might follow.