This Is Why Freeport-McMoRan Will Pull Back Sharply Freeport-McMoRan Inc (NYSE:FCX) has ripped higher from a low of $3.50 on January 20th, 2016 to a high today of $14.04. This is a mega run of 300%. While huge, the run itself does not dictate a pull back. Instead, smart investors need to look at the chart and find technical levels for a drop. In the chart below these technical reasons show perfectly. Notice the stock hit a major pivot top from October 2015 as well as a secondary upsloping trend line connecting the lows from August & September 2015. The fact that two major trend lines intersect right where price hit, tells us there is a 90% chance of a sharp correction in the $FCX price action. A pull back is likely to take you down to $11.00. Note the chart below... Gareth Soloway InTheMoneyStocks
$SPY Slams Into Key Gap Fill & Trend Line: Take Note Of This Chart! The S&P 500 is having a solid rally today on light volume. At this very moment the $SPY (the tracking ETF for the S&P 500) is filling a major gap from May 2nd, 2016. In addition, it is tagging a downsloping trend line that starts on April 20th, 2016. Note the chart below. This should be significant resistance for the markets. Look for a possible pull back off this level. Gareth Soloway InTheMoneyStocks.com
