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This chart displays the daily progress of Freeport-Mcmoran and is an update to a previous post. The red arrow on this chart indicates the day of the previous post. To view the previous post go to: http://1618analytics.blogspot.com/2010/02/freeport-mcmoran-weekly-chart.html
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In my previous commentary I was calling for a large rally in FCX stock. Specifically, I was looking for it to reach $84.02 during the week of March 19th 2010. My forecast was calling for a rally of $13.79 (19.63%). On March 17th 2010, FCX reached $83 and has since pulled back to $78.51
Given the strength of the pullback from $83, there is a strong possibility that I may of miscalculated the inflection high by one dollar. However, an additional rally up to $84 is still a possibility. The current support level of $78.51 could act as near term support which could help the equity have its final rally up to $84.01
If FCX has a significant break below $78.51 for the week ahead, then we can be prepared for the resumption of the bear market which will carry this equity down to the price targets mentioned in the previous post.
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