Freeport-McMoran (FCX) Trapped in Lower Price Spiral
Big historic week with the Federal Reserve raising a quarter point so finally we got that out of the way. I have a request for a chart on Freeport-McMoran which is hitting lows not seen since 2009. Although, the share price may pop off these lows on some Carl Icahn news, I would use caution in this mining area. I like to follow the proverbial phrase – Never catch a falling knife because you will get cut. The price of Freeport-McMoran (FCX) has been heading lower for quite some time along with the price of copper, gold, and oil/natural gas. The target price for this is set to zero on my charts so I assume unless asset prices turnaround that this will head towards bankruptcy or close to it.
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