Sell Signal Flashing on Copper Stock
FCXFreeport-McMoRan(FCX) Schaeffers Investment Research·2024-08-28 01:08

Shares of copper miner Freeport-McMoRan Inc (NYSE:FCX) are 0.3% lower at $45.04 at last look, starting what could be a month-long trend as FCX trades near a historically bearish moving averageAccording to data from Schaeffer's Senior Quantitative Analyst Rocky White, FreePort-McMoRan stock just came within one standard deviation of its 50-day trendline. Per White, five similar pullbacks have occurred over the past three years. One month after 40% of these signals, FCX had negative returns, averaging a 3.9% ...