Eyes on this miner for a breakout of a bull flag. 10MA is turned up to form a a bullish cross above 20, PA is above the 200 MA with the 50 crossing it as well.
I am Bullish above $39.9 with target at $40.71 I am Bearish below $37.76 with target at $36.9
$FCX (Sector: $XLB) 2D-2U QTR 🟢 FTFC 🟢 Short term long targets around 40$
The price just triggered the long entry level and moved to the target. MAximum drawdown, 2% EMA 21h as support
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...
Hey, I think FCX drops, and significantly so. I'm not shorting yet, but I'm posting my idea ahead of time. I WILL short this when SPY hits $390
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...
Top of the green box hit. WIll we reach $20.5? Please like and share if you appreciate this market update. We are algorithmic traders and certified Elliotticians. We publish Elliott Wave and algo technical analysis on a daily basis for indices, stocks, cryptos, commodities, VIX, DXY, in weekly, daily and 4-hour timeframes. Our counts are not drawn subjectively...
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.
Respecting the EW path: Please like and share if you appreciate this market update. We are algorithmic traders and certified Elliotticians. We publish Elliott Wave and algo technical analysis on a daily basis for indices, stocks, cryptos, commodities, VIX, DXY, in weekly, daily and 4-hour timeframes. Our counts are not drawn subjectively but backed by solid...
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...
As you see on the chart we have a good opportunity of selling.thanks.
Please like and share if you appreciate this market update. We are algorithmic traders and certified Elliotticians. We publish Elliott Wave and algo technical analysis on a daily basis for indices, stocks, cryptos, commodities, VIX, DXY, in weekly, daily and 4-hour timeframes. Our counts are not drawn subjectively but backed by solid algo trading evidence. We...