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Potential Gloom For Non-Ferrous Metals Sector

|Includes:Freeport-McMoRan Inc. (FCX), IPI, TECK

By Jeff Pierce

If support breaks watch out as this is going to crater. I selected 3 stocks in this sector to illustrate how weak it is and each one is in a different timeframe. Reason being is they all just about look the same on the daily, so when you see a daily, weekly, and 60 minute, you can see just how weak it is.


$33.50 is a top or 60 on the RSI. Whichever comes first.


Horrid daily chart. A watershed decline like that doesn't suddenly conclude with massive buying. Look for a bounce and short it. In fact, a bounce doesn't even have to happen. I'm bearish/neutral on this sector. It's either going up and then down in a big way...or just down.


Weekly head and shoulders in play.


Stocks: FCX, IPI, TECK