Like the broad market, most things gaped up this morning and looked very over-extended on their Daily charts.
FCX set up a Head and Shoulders pattern, but on these fast, 1-minute, time frames I need a little more confirmation on a chart pattern. As we got to it's opening range lows price spent 5-minutes getting more and more narrow before breaking down for a gap fill, target being the previous day's resistance level (not shown).
As the markets were setting up for a break-down FAZ set up a little flag pattern after an impulse move to the highs of the day. I take a $0.50 gain quickly and trail the rest with a tight stop, and I didn't take the base break later in this chart.
POT was a breakdown from it's Lows of the day and a gap fill was evident. The breakdown from the LOD came with strong volume as well, target was both the PDC followed by the PDL.
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