Strategically FCX looks pretty bad, so if you like the idea of shorting FCX, it's just a matter of finding a good tactical entry and it looks like we may have found one. If you are in the Chinese hard landing camp, this may be one way to play that (commodities warned of trouble in China and China's Non-Manufacturing and Manufacturing PMI both confirmed a slow down, actually contraction in both).
On the linear regression channel, it looks like FCX is kissing the channel good bye and on light bounce volume.
It is also kissing the moving average and MACD as well as RSI are both negatively divergent.
As for today, here's the short term 1 min which looks like FCX did what it wanted to do, hit the moving average and the LN Channel, now it looks to be losing all underlying strength and momentum.
The 2 min chart confirms and is worse looking.
The 5 min hart also looks like mission accomplished and now it is time to say good bye to the channel.
As I said, strategically on the long term 60 min chart, things don't look very good for FCX, so today may just be that tactical entry you were looking for on the short side.
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