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Freeport-McMoRan Inc. Message Board

  • jjohns8181 jjohns8181 Feb 25, 2013 12:48 PM Flag

    Lokkie the trend Higher Lows Gang

    Back filling and pop back filling and pop

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    • Bid $31.90. backing and filling. I've traded the drops into pops twice lucky so far...but so far with the bid now at $31.89 it's a case of lower highs and lower lows. I just went back in for a buy side trade at $31.89 looking for 10pennies...the bid is being run right now....despite the pops and drops style, from a longer term point of view...meaning a week or so...the bid could be managed back into the mid-high $30's...even though the TA, since it's fallen from ~$35.75 to ~$31.75 in 6 sessions (bounced and now retesting), is signaling waaay oversold here. Nothing says what's oversold can't go on to becoming even more oversold. Bid now $31.95.

      • 2 Replies to highlowsel
      • my 10pennies on the .89 gambit and now, less that 5 minutes later just went back in at .85....leterally in a bit more than 5 minutes the market moved it from ~$32 to $31.85...the action is wild in this one right now...

      • Gold is up today as is silver. Copper is flat which seems to be providing a floor to fcx. Nat gas is having a strong day. If the metals could get some traction this week I think fcx could bottom and move a bit higher. The fact that fcx is having an inside day so far with the broad markets down a fair amount might be an indication sellers are losing some control. IMO this is a shaky place to open positions on either side for anything other than an intraday trade.

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