If you look at a chart of FCX, there is an upwardly trending parallel channel beginning Dec 5, 2012.
The channel bottom for today appears to be around 35.
Just picked up some calls for a trade with a target price of 38.
Draw an upper resistance line @ $ 35.75 compile that with your " trend line " take note where it touched the trend line for the 3rd. time establishing a trend line ( far past 66% ) and near the Apex of the 2 lines , don't be misled .