Freeport-McMoran $FCX fell sharply recently, FCX Daily Chart(click to enlarge)Broken Channel- The daily chart shows a rising channel since price hit a low of $3.52 in early 2016. - Price reached a high of $20.25 early this year, but has since been consolidating. Recently, the consolidation became more of a bearish correction with a price dip at the end of April.- The dip broke below the moving averages as well as the rising channel support.- This could be part of a larger period of consolidation. Pullback:- Market sentiment seems to be better this week and we can see FCX rebound a little.- However, I would suggest being cautious about this rally. - We should anticipate resistance if price comes back to the $16.50-$17.00 area. This is a key support/resistance pivot area. - A break above $18.00 would be needed to initiate consideration of a bullish continuation scenario.- For now, even if price is rebounding, I think FCX will still have downside towards $14 maybe even $13 area. Resistance around $17 would improve the prospect of this bearish correction.