FCX And SLW

From Sunday, on FCX:

"A move below Green #4 would be...UGH."

We got the "UGH" at yesterday's open. The quadruple resistance in the daily chart still dominates.





The current rally in SLW off 32.43 is "a higher high" and "a higher low." That's usually what we like to see in a stock, but not if the pattern ends up being a Bear Flag or a Bearish Rising Wedge.

SLW is in a downtrend and continuation patterns tend to resolve in the direction of the trend, like the two Triple Top patterns circled in black, so we want to be mindful of that and watch Trendline #1-#3 for a possible breakdown, especially since SLW has two downside targets of 32.01 and 29.28 that still are IN PLAY.

That said, SLW certainly could continue higher and the low could be in, at 32.43. We can't know that and simply are watching for any further signs of weakness.

The slope of Trendline #1-#3 in this daily chart is 0.1733, so add that amount each session. It comes in today, May 24, at 36.817, so it will come in tomorrow, May 25, at 36.990.




In the Hourly chart, Trendline #1-#3 is at 33.673 at yesterday's close. The slope is 0.026, so add that amount each hour. At today's close (May 24), the trendline will be at 33.831.

Yesterday, SLW had a nice bounce early in the session, putting in a new high for the move off the 32.43 low, but after squeezing a few shorts, the stock sold off and closed below the 13, 21 and 34 EMA's, which are rolling over to the downside here. That was a weak close, but SLW can turn those EMAs right back up if it can get moving higher today.