Reference Points for Freeport-McMoRan

Published on Tuesday, 31 August 2010 05:16 Written by Christian Paolinetti

New York, August 31st (TradersHuddle.com) - Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) closed the trading day at $70.36 close to its 50 day moving average currently set at $67.68. Freeport-McMoRan's price action is just above this important support level translating into a 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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $65.71 and calculated resistance at $74.30. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Freeport-McMoRan will be looking at the price action for evidence of buying near the 50 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.