Marketgrind Financial Blog

This is what a SELL looks like.  FCX is setting up for a classic double top here and considering the run it’s had in the past few days you’d be crazy not to sell this.  MACD is starting to wane and the overall market is looking a little bit tired.  We’re running into resistance here and there’s no support until about 52 when the 50 day moving average comes into play.  Furthermore, volume is starting to wane as well indicating a lack of sponsorship up and these levels.  SELL!!

Tags: double top

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This entry was posted on Monday, July 27th, 2009 at 11:44 pm and is filed under Focus Trades. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.