FCX $35-45 range within 1-2mths to seek longs

Timeframe: 3-15 days

LONGS - SPECULATIVE

SHORTS - TOO LATE

As we can see from the charts of copper and its biggest producer FCX - their rebound started before SP500 tested its low at the beginning of March. Possible acceleration of copper price can be triggered only by solid insustrial demand - which is a consequence of overall economic growth. Thus short term rallies of copper and FCX are of low probability. Still, I dont find opportunity for FCX to test new low within coming month or two as it showed strength compared to general stock market.

FCX is good at levels, so approaching of 50 can be used for intra-day momentum trades.

Possible range in 35-45 within coming several months will guide long entries.