This week we saw a respectible bullback in the metals market but I think it’s time for a bounce. I’ve outlined the key support and resistance levels for Freeport McMoran Copper & Gold (FCX) along with my short-term price target for the stock. My support level is drawn from the gap fill point and my target area is measured from the role reversal line taken from the most recent highs. Should the stock break out over $42, we could very well see a rally to the next resistance area around $48.
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