Don't Make a Wish on Freeport's Star

Spot copper prices spent the first six months of this year moving lower below a declining trendline. In June, they broke above that resistance and rallied 21% to their early September high. The bullish trend quickly reversed direction and was followed by a pullback to the 38% Fibonacci retracement level of the rally range.

After several weeks of consolidation around the 50-day moving average, there was a jump in the spot price last week. But at the same time, there was a bearish diversion on the Freeport-McMoRan (FCX) chart, and it may be suggesting that there is more consolidation ahead for Dr. Copper....203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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