Freeport-McMoRan Close to the 200 Day

Published on Friday, 03 February 2012 07:56 Written by Christopher Lynn

New York, February 3rd (TradersHuddle.com) - Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) traded at $45.51 close to its 200 day moving average currently set at $44.23. Freeport-McMoRan's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $36.05 and calculated resistance at $48.96. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Freeport-McMoRan stock.

Traders wanting to establish a position on Freeport-McMoRan will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.