FCX Breaking Out - Weekly Chart
Freeport-McMoran is attempting to break out of a bullish wedge pattern. There is a lot of options activity in this name with the February 21 $14 and the December 13 $12.50 calls. Note the bullish divergence just prior to its recent bullish move.
We want to see the stock hold above the break out level. If the price can hold I am targeting $13.90 as my initial price target.
We want to see the stock hold above the break out level. If the price can hold I am targeting $13.90 as my initial price target.
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