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.
Freeport-McMoRan's relatively strong position
significant producing assets in the U.S.
and Indonesia and expansion opportunities
puts it in a somewhat stronger position. In short,
the outlook for copper prices is good
They are forecasting steady annual sales growth.
2023 is expected to be an even stronger year than 2022, and
2024 is expected to be weaker...
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!
Freeport is in a consistent uptrend and now pulling back. it was building a short low base and breaks out now. Supported by the SMA20 realistic target at expanded fibo?
Hi mates NYSE:FCX is perfect setup for long in bullish flag
here is data for my trade:
------------------------Trade setup ---------------------------
Entry: 33.80
Stop Loss: 32.45
Profit target: 43.60
------------------------------------------------------------------
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Flat correction in Downtrend
Weekly
Reversal and Uptrend
Daily
Strong Uptrend
Price in 5th Elliot wave.
Looking for pullback and open position.
Positive earnings on Q3 will help to continue uptrend with steam
It is little bit risky active due to has Debt/Equite=1.1
However Freeport has other attractive financial stats, looking comptetive in sector...
Montly
Flat correction in Downtrend
Weekly
Reversal and Uptrend
Daily
Strong Uptrend
Price in 5th Elliot wave.
Looking for pullback and open position.
Positive earnings on Q3 will help to continue uptrend with steam
It is little bit risky active due to has Debt/Equite=1.1
However Freeport has other attractive financial stats, looking comptetive in sector...
Freeport-McMoran is attempting to break out of a bullish wedge pattern. There is a lot of options activity in this name with the February 21 $14 and the December 13 $12.50 calls. Note the bullish divergence just prior to its recent bullish move.
We want to see the stock hold above the break out level. If the price can hold I am targeting $13.90 as my initial price target.
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.
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.
