CLICK ON CHART TO ENLARGE
Copper is often viewed as a global macro indicator. Freeport McMoran is the largest Copper producer in the world and its sure had is pricing challenges of late, as it is down over 30% from its 2011 highs. Of late it hit a rising support line that happened to be the bottom of a bullish falling wedge, at its 23% Fib support level.
FCX is breaking from this falling wedge in the last two days at (2). A two day breakout does not prove a new trend is at hand, yet it could well be good news for this hard hit stock and it could be sending a macro message along with it.
Keep a close eye on FCX to see “IF IT CAN PUSH HIGHER” and if it can pull IYM along with it. This stock has been a darling when it comes to “relative weakness!” Lets see if anything changes at this unique price point.
