In the last two trading weeks, Freeport-McMoran (NYSE:FCX) has spiked almost 25%. That big move higher has been on hopes of economic growth in 2018 due to corporate tax cuts. However the underlying commodities like gold and copper are not confirming the stock's move.
My Short Price
While I wouldn't short FCX just yet, I am watching the fast-approaching major level around $18.75, which is found by connecting the highs from late 2015, late 2016 and early 2017. When connected, this trend line gives you a dead swing-trade short level of $18.75. Shares of Freeport-McMoRan are just a little more than a dollar away. Every past hit of this trend line has caused a massive drop in the stock.
Get ready to lock and load a short trade here.