Freeport-McMoRan near Key Support Area

Published on Friday, 27 August 2010 07:48 Written by Christopher Lynn

New York, August 27th (TradersHuddle.com) - Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) are trading very close to calculated support at $65.71 with current price action closing at just $67.11 places the stock price near levels where traders will start paying attention.

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 current calculated support defined at $65.71 and by the resistance level at $74.30, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Freeport-McMoRan's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $74.30 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.