Chart on FCX (by Mike Paulenoff)

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After ending its upleg from a major corrective low at 46.20 (Mar 10) to its 58.75 high (Apr 8), Freeport McMoRan Copper & Gold (FCX) has relinquished 50-55% of its prior upleg gains, which is the area to look to re-establish long positions within a larger, still-intact bull trend.

My near- and intermediate-term work argues that unless and until FCX violates the 46.20 low, the larger, dominant trend remains bullish, and acute weakness should be used as a buying opportunity. I think the recent (current) plunge in FCX from 58.71 to 52.01 (-11.5%) provides such an opportunity — between 53.00 and 51.00.

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Originally published on MPTrader.com.