The chart below was posted on 9/29, representing that key support was at hand and I shared the answer on 10/3 (see post here)
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The chart above reflected that Freeport McMoran/Copper was hitting a key support line dating back almost 15 years, after FCX had declined over 45% in 60 days.
FCX/Copper often takes on a leadership role when it comes to the broad markets. Below is an update to the above quiz.
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Support held at (2), FCX rallied almost 50% in 30 days and the broad market followed the move.
The strong rally has taken FCX up to its 50% Fib level and a couple of key resistance lines. I don’t believe that investors should be bullish or bearish, yet I do believe that Copper/FCX remains in a leadership role and that some big clues for a good sized moved will come from the action of the Doc Copper arena!
For the broad market to head higher, FCX needs to break resistance…
Chris….you are correct, per “flag city!” As you know flags frustrate bulls and bears for a while. They all end and usually with a big move! Enjoy the outcome regardless of direction.
Chris
Thanks for the great chart Chris. Is it just me or am I beginning to see a plethora of individual stocks and indices creating huge flag patterns? This morning as I sifted through my watchlist I seemed to see this pattern all over the place. Big moves ahead??
Chris:
THank you and great job…
Looks like it may be putting in the right should of a head and shoulders pattern…