By Mark Leibovit, VR Strategic Consultants, VR Trader
Freeport McMoran (FCX) is down from $60 in 2011 to $4 in the first quarter of 2016. Carl Icahn was purchasing shares around $14 back last October and the stock has now convincingly bottomed. A Leibovit Positive Volume Reversal was formed on the weekly chart both on January 29 and again on April 15. A daily signal was formed last Wednesday. Up, up and way. FCX should push into the 20s over the near-term and a pullback to 12.70 from here or higher levels is something to be aware of, 12.70 being the recent breakout point.