Freeport-McMoRan Inc. (FCX), D1, 05.04.2017
Long-term uptrend with correction to horizontal and diagonal support and SMA 200 and 38.2 Fibo.
Price Action: Fake breakthrough of 38.2 Fibo and break of SMA 200.
Indicators: RSI (14) - the indicator breached level 50.00
Fundamental: The fiscal report of the company for the first quarter of the new year is expected on 24.04.2017. The company doesn't give dividends. After the big slump in the earnings report in 2015, it regained most of its losses and is expected to have positive data in the report for Q1.
The company is in the sector Basic Materials / Copper, the price of copper is expected to rise as the main importer, China are with very strong economy.
Sl: 12.40
Alternative scenario: If the price breaks and keeps levels below SMA 200, the correction is expected to continue until 50% Fibo at around $10.37
Jr_Trader_A_Kumanov
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