The following is technical analysis of Freeport McMoran ( FCX ) stock for 3/23/09.FCX Support & Resistance Levels - March 23, 2009
Resistance Levels: $42.62, $47.99
Support Levels: $36.39, $30
FCX appears to have topped out at $42.62 and is headed back to the 10 day moving average just under $37. Ever since the gap over $30 in early March, FCX has held the 10 day moving average on a closing basis. A close back under the 10 day moving average would be bearish and you would probably see another test of the 50 day moving average. Nonetheless, this is one of the best charts i've seen lately, Copper prices have really been rising. A close over $42.62 will set up another run at the October 2008 high of $47.99. For More Technical Analysis - Go Here
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