The bearish DailyPlay we chose for Thursday, March 29th is Freeport McMoran (FCX). FCX is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 7.97% move lower and its 1m and 6m trend have turned bearish on 3/22 while breaking below its $57 support level which now becomes resistance.
Freeport McMoran’s 1m and 6m trends turned bearish yesterday and recently broke below its $17 support level which now becomes resistance. With a technical score of 8 (out of 10), FCX is a strong stock that is starting to trend lower.
As a stop loss, if FCX was to trade above $17 for multiple days, this would invalidate our analysis and suggest getting out of the trade.