I am not sure what to make of Freeport-McMoRan Copper & Gold Inc. (FCX). On the one hand, it has climbed 19% off of its July low. On the other hand, its larger pattern resembles a huge 3-year topping formation.
So here we have a copper and gold producer that could be seeing relief in the form of a lower dollar, rising precious and industrial metals prices, and the prospect of more, possibly very aggressive QE. Yet the technical and pattern set-ups argue against a climb beyond 40.00.
