Freeport-McMoRan Copper & Gold Inc. (FCX) had serious technical damage today as it closed down 15.99% to finish the day off $6.12 points. If we take a look at the previous 6 months, because the stock was up 35.71% from low to high, the charts may have warranted such a correction. The first sign of danger was on 23-October-2012 when the stock closed at $38.98 when it broke it's trend line that begun on 25-July-2012. Since breaking it's trend line, FCX came very near to retesting it's Tier 1 support line on 16-November-2012. And much like it's retest of support line, today it came very close to it's Tier 2 Support line at $31.43. Although FCX has some major repair coming it's way, FCX should be able to close the gap back to $38,28 especially under oversold conditions.
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