Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>FCX stock price retested the trendline post breakout in the last session.</a> </li> 
 <li> <span>2</span> <a>Buyers persist in accumulation and will attempt to bounce.</a> </li> 
</ul> 
<p>Freeport McMoRan Inc. (FCX stock) price showed bullishness and retested the 50-day EMA near the falling channel trendline mark of $40. However, the charts indicate buying momentum in the past sessions and suggest a rise to retain the swing of $50 in the upcoming sessions. Moreover, the price action shows that the lower lows sequence is over and a new higher high is about to appear. This means buyers initiated the long buildup aimed at $50.</p> 
<p>From the start of 2023, FCX stock has declined inside the falling channel and retested the demand zone near $30. However, the stock did not lose gains and showed a rebound. Moreover, the stock has shown a breakout and is now ready to reach the higher trajectory marks of $50, followed by $55 in the subsequent sessions.</p> 
<p>The chart shows that the stock has been delivering roller coaster moves for the past months and is in a narrow range. Moreover, the stock is too volatile, and investors are worried about making long positions and waiting for the right moment to enter. However, the upper trajectory is near $45, above which the stock gains momentum and will soon reach the cluster of $50. Conversely, if the stock slips below $35, it will enter the channel and fall toward $30.</p> 
<p>Freeport-McMoRan, Inc. is engaged in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining, Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining, and Corporate and Other.&nbsp;</p> 
<p>The North America Copper Mines segment operates open-pit copper mines in Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of the Grasberg minerals district that produce copper concentrate containing significant quantities of gold and silver.&nbsp;</p> 
<p>At press time, <a href="https://www.thecoinrepublic.com/2023/07/24/tesla-inc-why-tesla-stock-price-slipped-after-q2-earning-report/" rel="noopener noreferrer nofollow">FCX stock price</a> is trading at $39.85 with an intraday drop of 3.30% showing profit booking in the overnight session. Moreover, the trading volume increased by 2.67% to 11.487 Million, and the market cap is $57.13 Billion. However, analysts maintained a buy rating with a yearly target price of $45.54, suggesting a rise in the upcoming sessions.</p> 
<h2 class="wp-block-heading" id="strong-daily-charts-shows-fcx-stock-retest-the-range-near-the-50-day-ema-strong"><strong>Daily Charts Shows FCX Stock Retest the Range Near the 50 Day EMA</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/XTpNC7IrpoV9JK-bK67xInQfZWNsjkAseeS30sm-9pIg5Wd-fuLCocd7jviL9MDswwmqLCzwM1kAtBngmyfT8JoAdI0LX0OM_2lGOzcUjeiv3gPoFhZpM11gbE--uD5IJt4C3AwZIOlXnp6Q6QGfnieZsAc8mhOIzHRfGPfZLPsCXuMPbdksgOjuYf3ofQ" alt="FCX Stock (NYSE: FCX) Price Near 50-Day EMA, Will it Retain $50?"> 
  <figcaption class="wp-element-caption">
    Source: FCX stock price chart at TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, FCX stock price has shown a retracement after breaking out of the channel losing the gains in the past trading sessions. However, the trend is strong, and the price may register a bounce from the 50-day EMA soon.</p> 
<p>The RSI curve fell below neutrality and noted a negative crossover, suggesting that the stock is retracing to retest the trendline near $40.&nbsp;</p> 
<p>However, the trend is strong, and investors are accumulating. The MACD indicator noted a bearish crossover and formed red bars on the histogram, showing a negative outlook on the charts.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/07/24/tesla-inc-why-tesla-stock-price-slipped-after-q2-earning-report/" rel="noopener noreferrer nofollow">FCX stock price</a> surpassed the channel trendline and is looking to revisit the $50 mark in the following sessions. However, the stock could not sustain near the resistance of $45 and retraced toward the 50-day EMA in the last trading session. Although, the price action favors the bulls and a rise toward $50 is likely in the following sessions.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<p>Support Levels: $35 and $32</p> 
<p>Resistance Levels:$45 and $50</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

FCX Stock (NYSE: FCX) Price Near 50-Day EMA, Will it Retain $50?

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