Long term charts show previous support and breaks to avoid chasing, even better, all data long term, this broke fast as the weekly slowly rolled over but we can see the -ve divergence on the daily as recent highs were attempted while the RSI failed at 61.8 and the hourly at 50, both declining, if not in on the short before the break, watch your entry as potential...
Two recent upside breaks of powerful support/resistance zone ($13-13.11), both on strong volume, solidifying $13 as a relative floor for now. Strong move through $14 leaves blue skies all the way to $16.
Recently highlighted a successfully retested breakout on the fcx hourly chart, but expanding to the larger time frame reveals that this breakout may represent resumption of a larger bullish structure. New targets of $14.80 and $16.50 added.
Waiting to see what FCX does here. If it breaks the 13.14 support I'll be looking for it to retest and break higher. If it breaks the trend and goes bearish I'll be looking for a bearish setup. I'm not in any trades on FCX just yet.
FCX came up in capture in crush scan. It seems forming a head & shoulder formation. It can easily break down to $13.43 area.
* Trade Criteria *
Date First Found- February 16, 2017
Pattern/Why- Head & shoulder, Capturing the crush
Entry Target Criteria- Break of $14.83
Exit Target Criteria- $13.43
Stop Loss Criteria- $15.33
Please check back for Trade...
This is a straight forward setup where we are seeing a possible longterm reversal breakout in copper. This could blast at any moment OR it could just as easily reverse and fail miserably. I will wait and see how we look on Friday COB.
- Been swinging Call Options on AKS since week end 11616; Purchased 4 Calls (Strike Price 10.50) on the Market Open Monday AM w/ a Limit Order price of .29.
- Averaged down w/ purchase of 6 more Contracts the following day w/ Lower Low (Consolidation) being set in @ limit price of .15. Held position - FED Hike in hopes of a Market/Metals Rally to no avail.
FCX is on the verge of dropping 21%. Investors need to take note of these this major factor that dictates price action. Notice on the stock chart below, how over the last two weeks Freeport-McMoRan has been unable to make new highs while the stock market has made multiple new all-time highs. In addition, the stock chart over those same two weeks has a clear bear...
Though we had a gap and go today, I want to see it retest the resistance level it just broke through. Looking to enter on the retest and have an initial target of 15.25 with an ultimate target of 16.45
Here's my "short list" for covered call candidates for next week generated by looking at Barcharts.com high volatility stock options list and the Dough grid:
WLL buy shares at 7.66; sell Sept 16th 8 call; 7.10 debit; $90 max profit (12.7% ROC)
CC buy shares at 11.45; sell Sept 16th 12 call; 10.78 debit; $122 max profit (10.6% ROC)
LC buy shares at 5.40; sell Oct...
I've changed my main count giving wave as finished in January. It seems all is prepared for wave 3 of 1. It may be a deeper wave 2 can be seen, but it's not my preferred way. The solution in next weeks ....