FCX Follow Up

Yesterday I warned to keep an eye on FCX

"Huge volume and the stock is going nowhere on a day the dollar is down"


Here's what I was seeing..

 As quoted above, huge volume and the stock wasn't going anywhere in an environment that was conducive to further gains (weak dollar). This is a form of churning.

 The long term 5 min chart already was in a weakened position as is the 60 min chart below.

 FCX 60 min.

 The dramatic downside moves in the short term charts was the final nail. 3C 1 min

 3C 2 min

3C 5 min.


There's still some confirmation in the 15 min chart, if the 5 min weakness bleeds to the 15 min chart, then this move will likely be over.