From early this morning:
"Near-term Resistance:
Despite that body of evidence for a rally, The Bulls aren't out of the woods. There's some serious nearby overhead resistance with which they must contend:
1. 52.30 - that was the May 10 pre-dividend distribution high of the rally off Blue Data Point #4 that failed, just below the bottom of Kumo (Cloud) resistance.
2. 52.475 - the bottom of Kumo (Cloud) resistance, currently
3. 52.665 - the top of the Falling Wedge (Trendline #1-#3). The downward slope of that trendline is 0.17385, so we subtract that amount each session to determine the location of that trendline.
We'll see what The Bulls can do here, given that resistance."
This morning was the fifth gap up opening in FCX in as many sessions. The Ascending Triangle target of 52.28 got MADE in pre-market and FCX traded at 52.30 and 52.46, just below Resistance Level #2. Level #3 resistance (52.665) got printed in the first two minutes of trading, where the early morning high of 52.70 got put in, just a few pennies above the top of the big Falling Wedge in the daily chart.
At the open, I put in an order to sell short 5,000 shares at 52.62, just below the top of the Falling Wedge, and was fortunate enough to get filled. FCX has enjoyed a very nice rally off the 46.06 low, but this morning's gap up opening looked marked for at least some kind of gap fill, if not a "Gap And Crap" session.
I covered my short position at 51.82-51.83, in the 51.73-51.90 gap (the white horizontal lines).
Gain: $3,900
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