Freeport-McMoran Testing Long Term Resistance
Updated
FCX, Freeport McMoran is testing a long term resistance trend-line. Copper has been unfavorable as of late due to the slowdown in Chinese growth. China is the largest buyer of Copper in the global market. However, recently, the dollar down move has been reflationary for commodities in general, with the CRB commodities index rallying. Moreover, Chinese PMI's have recently bounced, alongside Europe and other EM countries. This is all bullish for Copper. Given that it is the last major commodity to turn in this dollar-down short term macro picture, FCX is ripe to break this long term resistance and head to new highs.
Note
Holding 200day EMA, I still think FCX is a buy here, especially as the China corona virus fears radiate through global markets. Wait for a better entry point.Trade closed: target reached
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