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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,...
P/E growing, copper sector high, stock expenses against earnings falling.
-ISM indicator of copper stength in sector.
-RISKS: GDP growth in general still high but slowing.
The PEAD projected a Bullish outlook for $FCX after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 66.67%.
Copper looks like its making strong moves and FCX is one of my top interests in the metals sector
Possible Cup and Handle with measured move targeting $68 for ~48% gain!
I think Freeport McMoRan is in a long-term uptrend and could reach $ 40 in the coming months. Rising copper / gold / molybdenum prices would significantly increase profits and accelerate target achievement.
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!
FCX is going to be a major beneficiary with copper breaking out (see below). This is arguably a near 15 year base it's breaking out from. Very meaningful price action here...
FCX: Original setup for "cup and handle" pattern shared on February 11, 2022 (see previous ideas) is now engaged with price action crossing threshold of 46.25. FCX has been basing on intraday and daily time frames with bull flags consistent in price action. Expect strong buying action as copper has become a sector where liquidity has seen benefits due to commodity...
