Freeport-McMoRan is one of the most actively traded natural-resource stocks. The copper producer has lost about half its value amid the coronavirus selloff, and now the chart may be setting up for further downside.This pattern is a straightforward bearish descending triangle. Support has been around $6.15 since the market bounced last week, but FCX has made lower highs since then. Sellers may get active on a break of $6.15 and look for the downtrend to continue.
FCX also has a big debt load, which can weigh on prices when the economy and credit markets are weak. Macro conditions like this are negative for industrial metals like
copper.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.