A unique set of support lines came into play in the chart below on 9/29/2011, which prompted me to share the chart as a quiz.  This leader found itself on long-term support,  after a 50% decline in a matter of months.  (See post here)


Below is an update to the quiz,  that reflects this leader has rallied 35% off of support and now finds itself at falling resistance…


With key broad market index’s at resistance/top of their flag pennant patterns (see post here) what this leading stock does at resistance,  could be just as important as what it did at support last fall! 

FCX may not be in the headlines on a daily basis… it does remain a headliner in my eyes, per how important its price action is to the broad markets. Momentum in the broad market remains a positive and this resistance DOES NOT have to turn back FCX.  If FCX can plow through this resistance it would be a big plus for this stock and the broad markets!

One weeks action doesn’t make a trend…the price action of FCX two weeks ago though does raise a little concern, since it created a heck of a large bearish wick up near the top of its channel.  The broad market needs FCX to break resistance, so keep this stock on your radar screen along with the headlines.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past