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Freeport-McMoRan Inc. Message Board

  • highlowsel highlowsel Jan 11, 2013 11:39 AM Flag

    Bid $34.91.

    Bid acting as weak today as it was strong yesterday. If .90 breaks then I'd say a test of the top of the gap at $34.80 will set up. And if .80 fails then gap-theory says some percentage of closing of it might occur. And the bottom of that gap sits at $34.10....ooops...bid just slipped to .86...looks like a 105K sell side block slammed the bid from .93 to that level..

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    • Been a rather merciless series of days of selling, eh? Looks like $34 is about to be tested...and if that goes then the next line of support is down around the $33.75 level....ooops...and as I typed this ~300K of shares just smashed thru $34. From the $35.40 double top area of last week it's basically given back all the side rise when it first broke above that $33.75 area...at this point all TA measures are signaling oversold....so I'm looking to go long a trade....but I'm waiting the set-up, as I've yet to see any measurable change in the intraday action. Overall it's a game currently dominated by the sell side.

      Bid now $33.95.

      Highlow
      American Net'Zen

      • 1 Reply to highlowsel
      • Not oversold on the daily stochastics (~50) but the upward momentum is gone and the outside day is troublesome. You are right about sellers having the upper hand. Question is why? Got to wonder if some folks have information regarding earnings or well results that are not common knowledge yet. It was posted here Davy Jones was being perforated several weeks ago, If the well had a strong flow it would be well known by now...

    • Oops...crossed eyes...the bottom of that gap is at $34.30....not .10....and right now with the bid at .83 it seems the gamers are intent on testing the top of it....

 
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