Last week during the volatility in the market, Freeport-McMoRan Copper & Gold Inc. (FCX) was one of the first stocks to provide leadership when it put in an igniting bar to the upside to poke its head above its 2011 downtrend. Since then, it has held up very well and has based above the break of the descending channel.
I am long an intial position in FCX and looking to add above $53. Stops on the trade would be $51. Target 1 would be $56.15, and Target 2 would be $58.
*DISCLOSURE: Long FCX
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