Freeport Is Ready to Play Catch-Up

The nearly-200% move in the metals and mining sector that began in early 2016, peaked in February of this year and has been followed by a period of consolidation. This constructive recovery process may be over and the sector may be preparing for the second rally phase.

The SPDR S&P Metals and Mining ETF (XME) highlights the pullback to the 61% Fibonacci retracement level of the September 2016 low and the high in February of this year, and the channel consolidation that followed above this level and below the 38% retracement level. Last week the fund broke above channel resistance at $30.75 and this level should now become a platform that supports a move higher....197 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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