FCX retesting a mighty ceiling

Massive resistance band overhead. FCX has punched through it only a few times in its history, and it doesn't spend much time in or above this region during super cycles. The death zone on Mt. Everest can be expressed this way.

The bull thesis for FCX to summit it's peak again is that it'll be fueled by additional copper input in EVs , burgeoning consumer electronics and a ripping housing market. The bear case is that technology going forward makes mining commodities easier & cheaper.

long stock PT 41,55. Calls Aug 02 50,00
Comment: bought a single May 21 $33 put contract yesterday thinking this beast was overcooked to the upside based on my charting. Bench tested it; paid off by the time I got out of bed. Closed that option today and rolled up Aug 20 $45 calls. Bullish copper by way of $FCX
Comment: buying additional puts at the 38,00 level for a nice retrace after this thing runs for daylight next week. Filthy animals are cuckoo for cocoa puffs in commodities.


Cool, agree you work!
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