vlad.adrian
Long

FCX - Long on Double bottom

NYSE:FCX   FREEPORT-MCMORAN INC
313 12 7
Out of all the double bottoms I posted recently, this is the trade that seems most unlikely (I explained why on the chart). I decided to post this even if I'm not that confident because the divergence is obivious and we had a gap up at the open.

My stop is under the last low at 30.40$ and my first target is at 34$ round level, at previous resistance and 50% fib. Final target, which i think is unlikely is at 38$.
timwest PRO
2 years ago
Good work. Copper is trading along with FXI (China) which is having a nice move up. It has extremely negative fundamentals and sentiment and is deeply oversold.
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vlad.adrian PRO timwest
2 years ago
Thank you Tim. What do you make of the volume?
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timwest PRO vlad.adrian
2 years ago
I agree with you on the analysis, but sometimes when you get extremely, deeply oversold like this - all you need to see is a down day with a little less volume and it can reverse violently. It can be like holding a beach ball underwater. As soon as you stop forcing it down, it wants to pop back up.
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vlad.adrian PRO timwest
2 years ago
Yes, that is exactly what I'm watching on DDD. Today we are down 6% and the volume is really light.
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timwest PRO
2 years ago
https://www.tradingview.com/e/oCWIntVe/
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timwest PRO
2 years ago
Overlay FXI (CHINA) onto FCX - it is extremely useful to see how it is correlating.
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vlad.adrian PRO timwest
2 years ago
I saw on the chart you posted above :D
I have to admit I had no ideea about this correlation, my bad
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piloteiat
2 years ago
snapshot
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vlad.adrian PRO piloteiat
2 years ago
I don't know what you mean
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timwest PRO vlad.adrian
2 years ago
I don't understand the chart either.
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First target reached on 08.04.2014. I will keep half of the position, as I have a bullish bias on copper.
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snapshot
I think it's time to exit, as there are bearish divergences on the oscillators. It's not a short idea because I'm bullish on gold and copper.
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