Freeport-McMoRan Inc. (FCX) climbed above 11.50 this morning. By the look of the spike to 11.85, this forced a wave of short-covering, and triggered the upside potential off of its Sept-Nov base formation carved-out between 11.10/30 on the high side versus 9.50/30 on the low side. The optimal next target implied by the upside breakout is in the vicinity of 13.00. That said, the next extreme near-term resistance barrier is 11.95-12.00, which represents the 62% recovery-retracement zone of the entire prior downleg from 13.59 to 9.24.
Originally published on MPTrader.com.
