Buy $FCX - NRPicks 09 JulFreeport-McMoRan Inc. is engaged in the mining of mineral properties in North America, South America and Indonesia. The company primarily explores for copper, gold, molybdenum, silver and other metals. The company also operates a portfolio of oil and gas properties located primarily in the Gulf of Mexico.
Revenue $16B
Net Income $1.8B
EBITDA $6.1B
Total Debt $9.9B
Fwd P/E 9.85
Dividend yield 0.8%
FPMB trade ideas
FCX head Back to primary trendline.. AGAINPrimary trendline - Yellow line
Bear channel -white line
-Split channel - orange line
Possible H&S forming - Purple
Rejected - on break out of bear channel.. XLB sector showing exact same chart
First target is 33.15 gap close which would be an exact touch on primary channel.
If it bounce i will cover
if it falls through , 31$ is next target and if it doesnt bounce there H&S at play which I'll then be back
NEW POSITION $FCX Target 45.95 for 21.92% $FCX Target 45.95 for 21.92%
Or double position at 29.43
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I start every position with 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
FCX by requestI made a key code of the price action then found an exact match to this move in the past.... one that matched at lease 95% or better. That way if the move is that close to the same shape we have now it must mean the sentiment of the market was the same at that time. Therefore, the outcome should be the same coming out of the move. I then used PTP which is Past Trend Prediction by tracing the trend it made after this move in the past and projecting it forward on to the current move.
Then I took the same move on the Daily which is a different Time frame then the first..and found the same move with out a key and traced its path and projected it forward as well.
Sometimes I use about 5 other Price Action tricks I have have developed over the last 10 months or chart out the Curve and what Stage it is in. The Curve is my own brain child and I compare that to Wycoff method. Taking all of these into account You have several different approaches to confirming direction and intent of the institutional buyers and where Retail resides during this move.
If you would like to have more information or videos on Any of the ways I chart pls comment below. Like, follow, Subscribe...share.
Thank you,
iCantw84it
06.08.2021