Freeport McMoRan (FCX) continues to hold in the lower end of a trading range bounded by $10 on the downside and $14 on the topside.
In this Point and Figure chart of FCX, above, we can see the intraday movements of FCX from as small as $.25 to $.50 and up to $1.00 as the stock has moved from $37 down to $3.75. Point and Figure charts allow us to focus just on price changes of a given amount ignoring time and volume. FCX has traded down to $10 three times since June. This current pattern of support is likely to persist but a trade down to $9.50 would tip the balance to the downside. Stay tuned.