In case of break...
Long, looking for a positive test of the 21h on the 50h with a move to previous highs
Short, looking for a bearish cross with a move to the gap left open.
I have a long-term positive outlook on the industrial metal sector given the increase in demand towards the electrification of the world.
I expect a dampening in shorter-term prospect however a renewed surge to fresh record high's in the new year by miners around the world, most notably from Central and South America as well as Africa.
This will lead to copper...
The PEAD projected a Bullish outlook for $FCX after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 100%.
FCX appears to be resuming the dminant trend into the next wave down after falling out of this corrective ascending channel.
Topped at log 0.382 retracement from the top - very typical for a weak correction connecting 2 impulsive waves.
Also topped printing a shakeout reversal pattern through 4H200MA and also fell through 4H50MA to print a heavy momentum candle...
A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.
This bullish pattern...
The PEAD projected a Bearish outlook for $FCX after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 66.67%.
The technical pattern is easy to understand the initial shock to lower prices in the $34 area bottom and the bounce off the bottom and now we must digest.
The fundamental analysis is also very easy to understand, with recession we see lower copper demand and hence prices.
B ut we are dealing with the largest copper miner in the world and we should have expected...
Freeport-McMoRan Inc. is engaged in the extraction of mineral properties in North America, South America and Indonesia. The company primarily explores for copper, gold, molybdenum, silver and other metals, as well as oil and gas.
Freeport-McMoRan's relatively strong position
significant producing assets in the U.S.
and Indonesia and expansion opportunities
puts it in a somewhat stronger position. In short,
the outlook for copper prices is good
They are forecasting steady annual sales growth.
2023 is expected to be an even stronger year than 2022, and
2024 is expected to be weaker...
Wyckoff Accumulation Schematic -- What follows?
Distribution. We can expect a distribution period followed by a markdown. Shed profits and prepare to enter short positions.
What generally follows? Distribution.
Setting up my position to expect a markdown in the midterm. Take not of the timeframe and this years long process of accumulation; institutions play the long game!
FCX is the largest copper producer & copper is very impt to the economy. It is making a longterm upchannel & a shortterm downchannel & the 2 will cross path soon at their lows somewhere below 40.
Below 40 will be a great place to start accumulating & then trade the range between 40 & 50.
Geopolitical tensions & China lockdown may drive price below 40 temporarily...
NYSE:FCX broke out of the cup and handle pattern and is now flagging above the neckline. Long the break out of the flag or any pullbacks toward the 50 MA, anticipated price action and targets are shown on the chart. Stop daily close below 46$.
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This is only my own view and not financial advice, do your own...
The PEAD projected a Bearish outlook for $FCX after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 75%.
Freeport Morgan is a company that mines for Copper.- Copper miners are poised to benefit the most from the mismatch between mine supply and demand over the next decade, Jefferies says. The market is valuing these companies based on the assumption that we are now at a cyclical peak, but the bank believes that we are in the early stages of a structural bull market,...
