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| Gator's Chart of the Day: FCX |
News Flash: China is slowing ... copper is in a bubble ... gold is weak ... yada, yada, yada. All of that may be true but it sure looks like FCX has found support. It's not because it's near one of the popular moving averages (they are all much higher) but buyers have shown up here and volume has been above the 50 day average for nearly 3 weeks. The last 4 bars are green and the stochastic just flashed a buy signal. (You may have to trust me on that one because it's hard to see but the fast stochastic crossed up through the slow one yesterday and it poked up through 20 today.)
This looks like a good place to enter with a small (say 1/4 of normal) position and if it starts to move up with good volume then a quick add would seem appropriate. A tight stop on the original buy, just under Tuesday's intraday low (37.90) makes this a low risk trade.
