[May 15, 2012] Freeport-McMoRan (FCX) Breaks Through Support at $33.83 Tweet May 15, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Freeport-McMoRan (NYSE:FCX) have bearishly opened below the pivot of $34.47 today and have reached the first support level of $33.83. Analysts will be watching for a cross of the next downside pivot targets of $33.36 and $32.25. Freeport-McMoRan has overhead space with shares priced $34.09, or 34.8% below the average consensus analyst price target of $52.28. The stock should run into initial resistance at its 50-day moving average (MA) of $37.79 and subsequent resistance at its 200-day MA of $40.05. Over the past year, Freeport-McMoRan has traded in a range of $28.85 to $56.78 and is now at $34.09, 18% above that low. The 200-day and 50-day moving averages have moved 0.75% lower and 1.21% lower over the past week, respectively. SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on February 15th, 2012 by issuing a Downtrend alert when the shares were trading at $42.63. Since that call, shares of Freeport-McMoRan have fallen 19.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup [ Back To TMCnet.com's Homepage ]