"Given the technical damage done the daily chart, and given the broken Rectangle in the intraday chart, the bottom of which is twice validated resistance, The Bulls have their work cut out for them at today's opening kickoff."
The opening kickoff:
WHACK!
The 50.65 Rectangle target got MADE and was exceeded on the downside. After an early morning gap fill, the remainder of the session was sideways-to-down.
Last nearby support at 49.71 also got taken out intraday, but it held on a closing basis. We "move the chains" for Trendline #2-#4 and watch to see if anything develops. The session finished on a near-Doji Star Hammer, similar to the candlestick at Data Point #2, so we'll see if the Bulls can rally it after the six-session Smackdown.
After the last Smackdown, to Data Point #2, FCX rallied off Kumo (Cloud) support and had the release of earning to help to propel it well above 53.00 resistance.
In the current time-frame, FCX has to rally from Bear Territory without the earnings catalyst into rising Kumo (Cloud) resistance, although it could get some help from a rally in the metals.
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