Freeport-McMoran Investors Should Ride the Current

Raise sell stops to $31 and raise your price target on the balance of your position to $55. The On-Balance-Volume (OBV) line has been relatively stable since early January and is not too far from making a new high to confirm the price gains. The weekly OBV line shows slightly higher lows the past few months suggesting that buyers of FCX are still being more aggressive than sellers.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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