Tuesday, June 5, 2007

FCX, Freeport McMoran initial resistance

Freeport McMoran (FCX) is breaking out. When a stock is breaking out (with no prior history at that level) it's not obvious finding a resistance level. I am using a Fibonacci Estimation Method to determine initial resistance.

Based on this, looks like FCX might have initial resistance (and go sideways) at $83.

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