$35 strike May 19 expiration puts are going for $1.03 right now and I’m thinking of grabbing 10 at $1.00 a piece for a total cost of $1000.
Reasons to go short:
FCX at upper bound of downtrend channel
FCX at horizontal resistance from May 2021
FCX Time cycle suggests top forming within 2 weeks (this trade might be early)
Weekly copper chart at 2008 crash level, POC, and various other bearish arguments, see charts below
Risks:
Downtrend channel could be massive bull flag that we’re about to break out of
Price dropping 32% in 4 months is a big ask, let alone 50%.
Copper chart 1:
Copper chart 2:
Main chart before rearranged by publishing process:
Reasons to go short:
FCX at upper bound of downtrend channel
FCX at horizontal resistance from May 2021
FCX Time cycle suggests top forming within 2 weeks (this trade might be early)
Weekly copper chart at 2008 crash level, POC, and various other bearish arguments, see charts below
Risks:
Downtrend channel could be massive bull flag that we’re about to break out of
Price dropping 32% in 4 months is a big ask, let alone 50%.
Copper chart 1:
Copper chart 2:
Main chart before rearranged by publishing process: