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
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!
Copper futures broke out of their wedge this week, with per tonne prices breaking the $10,000 milestone. Names such as Freeport-McMoran (FCX) are benefitting from this, while TRQ is on discount due to. setback in their mining process. Despite Fed tapering, copper is strong, surprisingly. I believe that now is the time to get in "The New Oil", as stated by...
Historically NYSE:FCX has been bearish the week of or week leading into AMEX:XLB dividend. Shown here is its support and resistance, movement this summer, along with selloff in correlation to XLB dividend dating back to Dec 20, 2019. Materials and metals have popped this year with AMEX:GLD taking charge earlier this summer. FCX has beat earnings expectations...
Whether or not the tech bubble pops, precious metals will continue to rise. $FCX is a safe low risk long term hold. Watch for Copper futures to quickly trade above $3.
FCX is approaching our first resistance at 13.62 (horizontal pullback resistance, 61.8% fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level to our major support at 11.53 (horizontal swing low support, 50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding...
