Copper is showing great pattern consolidation.
it appears to be putting in a daily bull flag pattern that looks poised to breakout.
If copper follows some of the other recent price action in the commodity space it makes it even more likely to surge.,
You're seeing #gold #uranium #oil and other all performing well.
Will this dampen and slow down the dis...
Long Position
Entry Point: Consider entering a long position if the stock breaks above the resistance level of $51 with significant volume.
Price Target: Initial target at $55.98 (11.80% upside), with a potential extension to $60 if the bullish momentum continues.
Stop Loss: Place a stop loss below the recent support level at $47 to mitigate downside risk.
Short...
Natural gas has no bullish momentum in the near term.
Each pop gets faded. Prior day low needs t ohold or we take the next candle down.
We re approaching a key zone very quickly.
I am looking for a capitulation bar down.
Copper has had a monster run to the upside.
Its clearly going to affect aspects in the economy by applying upward pressure on inflation and downward pressure on home builders and construction.
Copper surging shows resilience in the global economy but simultaneously high copper prices could cure this rushing demand.
Copper technicals are screaming a pullback,...
Copper prices rise when the economy is thought to be growing and needing more electrical
infrastructure while they fall when bearish indicators might project a recession. I am
at the aluminum and finished steel subsectors as well. FCX is under consideration but as a
large cap it does not have the volatility of the junior miners. In the meanwhile COPJ, CPER...
Reasons for bullish bias:
- Price has given triangle breakout
- Previously a bullish trend, it most likely would continue
- No divergence
Here are the recommended trading levels:
Entry Level(CMP): 43.46
Stop Loss Level: 35.72
Take Profit Level 1: 51.2
Take Profit Level 2: 58.94
Take Profit Level 3: Open
EXK is a junior miner. With fixed expenses in its mining operations for the most part, margins
rise dramatically when silver is rising and the opposite is likewise applicable. This is the crux
of using junior miners as a means to profit from trending in precious metals. As a penny stock
EXK has hieghtened volatility as compared with Barrock Gold or the GLD...
Freeport-McMoRan (NYSE: NYSE:FCX ) has recently reported a robust performance in its fourth-quarter earnings, surpassing Wall Street estimates and revealing a 10% increase in gold production for the year 2023. This article explores the key highlights from Freeport's financial report, analyzes the factors contributing to its success, and delves into the company's...
Analyzing the options chain and the chart patterns of FCX Freeport-McMoRan prior to the earnings report this week,
I would consider purchasing the 38usd strike price at the money Puts with
an expiration date of 2024-2-2,
for a premium of approximately $1.29.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Copper is very close to losing criyical support.
If this daily chart trendline breaks, there is a big move down into the next support.
Copper Equity stocks are already teing us aa likely breakdown in the commodity is coming.
Is this base metal signaling weaker economic demand & growth?
The technical pattern is easy to understand the initial shock to lower prices in the $34 area bottom and the bounce off the bottom and now we must digest.
The fundamental analysis is also very easy to understand, with recession we see lower copper demand and hence prices.
B ut we are dealing with the largest copper miner in the world and we should have expected...
Wyckoff Accumulation Schematic -- What follows?
Distribution. We can expect a distribution period followed by a markdown. Shed profits and prepare to enter short positions.
What generally follows? Distribution.
Setting up my position to expect a markdown in the midterm. Take not of the timeframe and this years long process of accumulation; institutions play the long game!
FCX is the largest copper producer & copper is very impt to the economy. It is making a longterm upchannel & a shortterm downchannel & the 2 will cross path soon at their lows somewhere below 40.
Below 40 will be a great place to start accumulating & then trade the range between 40 & 50.
Geopolitical tensions & China lockdown may drive price below 40 temporarily...
After FCX took the key 48 Level with volume, its clear they s/r flipped it and are looking for ATH around 62. Do they get there this week? Watch to see what we think!
FCX is going to be a major beneficiary with copper breaking out (see below). This is arguably a near 15 year base it's breaking out from. Very meaningful price action here...
