FCX is encountering a historical/psychological resistance @ ~$40.
FCX is at the top of its current .
FCX is overbought (above 75 on ).
Reasons for likely recovery:
- there is a shortage of copper for surge in post COVID extreme lockdown manufacturing.
- copper is an essential element in the production of most electronics, especially EV /alternative energy - also crucial in normal combustion vehicles
Sentimental Analysis - FCX just avoided being purchased by a faltering company Barrick Gold , investors responded well to that
- industry news points to continued increases in demand for copper in EV /alt energy
- FCX just posted a surprise positive 24% in with no signs of diminished performance moving forward
- FCX has established a strong since its low point during the initial COVID sell off
- FCX has been over 70 on the daily 7 times since the COVID sell off and has risen in value over 600%
Entry Price: $32
TGT Sale Price: 1st - $44, 2nd - $49, Final- $55
Stop Loss: $24 or breaks the
Max Position Size: 5% of portfolio
Note - recent administration tax executive order may cause more severe market correction. Watch for signs of more dramatic pull back before entering long.