FCX
Revision to previous chart/idea. After earnings, fcx took a dump, thanks to corona virus news, copper prices dropping, and overall index weakness. Not really sure how the market will react to fed day on wed. Assuming its not too bad, i think the bullish pattern continues. FCX is on sale and could be a good long term entry. With production in Indonesia ramping up and a return to bullish copper prices we could easily hit $60 a share in a couple years.
On the other hand, if the fed disappoints and virus business continues to spook the market we might be headed to single digits (something that I have been waiting and watching for) before heading back to ATH's.
Something tells me we keep the boat afloat a while longer. Playing it day by day.
I apologize for the "busy" chart. I am still learning to chart and finding what works for me and what to pay attention to. I have another chart on investing.com that is a bit cleaner if you care to see it.
What are your thoughts?
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I should note, a bounce into next week before Fed seems most likely. MFI/RSI are scrolling up (thanks HH) from overbought. Maybe hit the 0.50 or 0.618 fib retracement if we clear the red bar resistance.
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