Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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.

non.ferrous.index

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

FCX.TREND.ANALYSIS

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.

IPI.TREND.ANALYSIS

Weekly head and shoulders in play.

tck

Stocks: FCX, IPI, TECK