So FCX has been on an incredible run, so the question becomes when is a good time to sell and wait for a possible retrace.
We are currently getting close to a confluence of resistances, so I wanted to highlight this as a possible good selling point.
First of all there is the long term downward trendline that is currently around 17.5-18 (depending on how you draw it).
Then there is a long term high resistance area coming up just above as well.
My money is on FCX being stopped in it's tracks at this level. It would at least give you a high probability cheaper entry after selling.
And finally, looking for a buying entry after retrace I see 2 scenarios:
GREEN: We simply consolidate for a while before breaking the trendline and continuing up.
ORANGE: We do a retrace to the 0.5 (or 0.618) fib and we retest the previously broken trendline.
We are currently getting close to a confluence of resistances, so I wanted to highlight this as a possible good selling point.
First of all there is the long term downward trendline that is currently around 17.5-18 (depending on how you draw it).
Then there is a long term high resistance area coming up just above as well.
My money is on FCX being stopped in it's tracks at this level. It would at least give you a high probability cheaper entry after selling.
And finally, looking for a buying entry after retrace I see 2 scenarios:
GREEN: We simply consolidate for a while before breaking the trendline and continuing up.
ORANGE: We do a retrace to the 0.5 (or 0.618) fib and we retest the previously broken trendline.
