Above Resistance - Freeport-McMoRan

Published on Thursday, 02 September 2010 05:16 Written by Christopher Lynn

New York, September 2nd (TradersHuddle.com) - Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) closed the trading session at $76.19 just above calculated resistance at $74.30 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 stock was trading in a well defined range with support at $65.71 and resistance at $74.30, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Freeport-McMoRan's stock is still near the broken resistance level, traders will be focusing on $74.30 to see if the stock holds the breakout without rolling over.