Base and Industrial Metals Lose Early Gains
Many of the leading base and industrial metals stock have declined from the start of the trading day. This industry group has been very weak over the past several months and continues to be weak on the daily charts. Most of the leading base and industrial metal stocks remain below the important daily chart 50, and 200-day moving averages.
Some of the leading base and industrial metal stocks that have lost ground from the opening bell include Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Rio Tinto plc (ADR) (NYSE:RIO), and Vale SA (ADR) (NYSE:VALE). Short term day traders should watch for intra-day support on FCX around the $26.97 level. This is an area where the stock could have an intra-day bounce. Remember, it is always important that a stock does not consolidate above a support level, if it does that level is more susceptible to failure.