vlad.adrian
Long

FCX - Bearish signals failed

NYSE:FCX   FREEPORT-MCMORAN INC
97 0 3
I always look to short or buy around value, depending on the preceding trend. On FCX             , I have been looking for a short.

On the daily chart , a class A bearish divergence formed, right at value on the weekly; that is a great bearish signal. However, price failed to close below 11.50$, thus never confirming the divergence. Today, there was a very nice bounce, turning the impulse green and making a new swing high.

Whenever such bearish signals fail, it is almost always a good idea to go long; same thing applies to failing bullish signals.

I am looking for FCX             to reach the strong resistance area at 17$.
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