A major breakout is underway in Freeport McMoRan (FCX) shares this week. For the last two months, the shares have been consolidating previous gains between $29.00 and $39.00. Through this time, except for one breakdown attempt which was quickly rejected, the shares underlying uptrend of higher lows continued. Yesterday’s all-time high close above $39.00 completed a bullish Ascending Triangle pattern, signaling the start of a new upleg.
The coming week brings another flurry of results from companies on both sides of the border, with a particular focus on the energy, pharmaceutical, insurance, movie theatre, ride-sharing, travel, automotive, and forest products sectors. The turn of the month also brings a number of key economic reports including Manufacturing and Service PMI surveys from around the world and North American employment reports. In this issue of Equity Leaders Weekly, we look at recent strength in the NASDAQ Composite and in the Canadian Dollar.
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