Bears Appeared - Freeport-McMoRan

Published on Thursday, 29 July 2010 02:45 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) ended the trading session higher by $0.55 or 0.79% from its previous close. Freeport-McMoRan's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is a copper, gold and molybdenum mining company. The company holds interests in various properties located in North and South America and holds interests in various properties around the world. Freeport McMoRan is the largest publicly traded copper producer in the world.

Freeport-McMoRan's current stock range is defined by calculated support defined at $59.91 and by the resistance level at $66.14, which should be used by traders planning their trades.

Traders wanting to establish a position in Freeport-McMoRan stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Freeport-McMoRan shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: