After hitting a new low earlier this month, $FCX has seen its technical environment change.
First, we note that there was bullish divergence between price making another lower low mid November with GoNoGo Oscillator making a higher low. This told us that there was less selling enthusiasm on that low than on prior lows. Then, as GoNoGo Oscillator rallied to test the zero line from below for a second time, it burst through it into positive territory. At this point, we knew that momentum was out of line with the “NoGo” trend. GoNoGo Trend followed by painting an amber “Go Fish” bar before painting aqua “Go” colors. Now, with GoNoGo Oscillator in positive territory and a “Go” trend in place, we can say that momentum is in sync with the current trend, and we will look for a new higher high.
