For the sake of the global economy I hope I am wrong, but when you look at the monthly chart of premier copper miner Freeport McMoRan it smacks of a major breakdown that is only just beginning.
We have looked at the monthly of Freeport before, and today’s selling thus far is potent. Unless bulls can immediately improve the stock, you can see the room to drop below major, multi-year support with not much below until the 2008 crash lows.
And it has not been Freeport-specific, as BHP CAT RIO all face similar setups.
Now or never for bulls.