When the economy is doing well, we often see elevated or rising copper prices.
So when we see one of the major copper stocks attempting a bearish reversal, it’s concerning to say the least.
Today we examine the long-term “monthly” chart of Freeport McMoran (FCX) to highlight this risk.
“The facts, Ma’am. Just the facts.” – Joe Friday
As you can see, Doc Copper’s key stock Freeport McMoran (FCX) has run into price resistance and isn’t taking it so well. FCX is attempting to create the largest bearish reversal in years at (1).
What FCX does at (1) will be an important signal for the economy and for many assets. Stay tuned!
$FCX Freeport McMoran “monthly” Stock Chart
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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
