FCX broke out of the 3-day base with the intraday RSI shifting upwards. While the 30.97/31.15 intraday support zone holds, scope remains for further upside towards 35.35 (Resistance 1) for gap closure near the down trendline (from the 16 September high). An upside break above the trendline resistance is needed for further strength towards 37.41 (Resistance 2) then 38.63 (Resistance 3) which guards 40.77 (Resistance 4).
It would take a return through the 31.15/30.97 support to negate the rebound and stop out the trade.
Trading Indication:
Short-term (Intraday): Buy at 31.80-32.50 or lower;
Target at 35.56, 37.41, 38.63 and higher;
Stop Loss at 31.15 (>2.0%)
Long-term: Possibly sell higher
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