Stock Of The Day – Is Freeport-McMoRan About To Sell-off?

Shares of Freeport-McMoRan Inc. (NYSE:FCX) are trading lower Monday. They have stalled at the resistance around the $53 level.Some old Wall Street sayings are based on market dynamics. Two of them may be relevant here. This is why Freeport is our Stock of the Day.The first saying is ‘sell at former tops.'As you can see on the chart, the stock found a top around $53 in March 2022. After reversing and selling off, it returned to this level in May 2024. Once again it reversed and headed lower. This would have ...