Shares in the gold and copper producer Freeport McMoran which closed the week at 25.06, continue to exhibit outstanding performance in line with the extraordinary bull market in copper which closed the week at 3.5275 up from 1.9795 in March 2020.
From a technical aspect, this stock is in a strong bull trend, having broken through the previous high of 20 made in January 2018. Short-term upside potential is seen at 26.07 (Fibonacci 38.2% upside projection based on the 3.94 - 20.00 range), 27.97(Fibo 50%) and 29.86 (61.8%). Warning signs of a short-term correction are manifested in an extremely overbought technical state with the 14 week relative strength index at 82.45% and the fact that the stock is trading at 45% above its 40 week moving average.
Investors and traders should watch for a weekly close below the upper Bollinger band, currently at 23.06 in order to secure profits.