FCX - another bullish signal

153 9
Two weeks ago there was a nice bullish signal on FCX , and now the signal is even stronger. It looks like the uptrend that started with a double bottom is still in place, and this sideways movement going on for a couple of months has been a correction. I expect FCX to to back to the old 2013 highs at 38$, that means risking about 60 cents for 4 dollars, a good deal anyday.

I'm sort of bearish on gold , but I'm bullish on copper , and FCX is greatly correlated with copper .
well picked
Thank you, had a bullish bias on copper, but didn't expect a parabolic move!
Entered long on 17.06.2014 at 34.08$, stop at 33.22$
vlad.adrian vlad.adrian
closed 33% of the position on 25.06.2014 at 35.75$ because of the strong rally 2 days ago
looking to add at a better price
vlad.adrian vlad.adrian
01.08.2014 exited all the position
Hi Vlad, just looking around for charts. This one seems a H&S to me. But if it takes out friday high you could be right it could range
Yep, it does look like a H&S, and my bet is that it will be a failed H&S. If I'm wrong, I loose 40c per share, but if I'm right the target for a failed H&S is much higher. I find that H&S is the worst pattern in classical charting, I just hate it (this is just my opinion, there is no test or study or statistic that proves my point), and when a H&S pattern fails it's a great buy signal, usually better than the sell signal given by a confirmed H&S. Plus, I have a bullish bias on copper. As I said in my other reply to you, this Irak situation ruins everything, I had a long buying list for the next couple of weeks, and I'm affraid that a big panic in the stock market will affect FCX too, I will check the correlation of panics tommorow.
LEONES vlad.adrian
yeha I know what you mean sometime the HS is a trap. Look for oil and gas stocks also in the european market that is going to be effected most by the IRAQ developement, they are pretty good now
great idea, but i would like to see a retest of 33.60 area to see if it holds or if it just hangs around the highs all day.
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