the main figure was the June-December head and shoulders
confirmed by a failed head and shoulders from October to December, long entry on December 22nd
it would have taken a partial profit, until the high of May '21
at this moment it is forming a compound figure, the Cup and Handle
I would like a net close over 46.50
$FCX is gaining strength. This monthly chart is awesome. I would expect some choppiness at the trendline resistance of the bull flag and extremely long term trendline. I was buying for clients in the 30s but now will move to a 7-10% holding and will hold until it $65 minimum.
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FCX: Cup and Handle setup after solid basing on weekly frame. Price action finding acceptance above key moving averages (20, 50) which are also acting as support. Volume shelf setting up for a price discovery to the upside. Breakout over 46.20 with volume is on lookout using MACD as an accessory for price action/momentum. Setup invalidated with rejection at 46.20...
FCX This great company is now up an amazing 900% from our LONG CALL At $5 We Are Now Selling - Can it get to $50 ? Sure but as J. Paul Getty so famously said "I got rich selling too early" Do your own DD Not Advice
FCX has been Trading in a Consolidation range since October.
Expect a false breakout to the upside before falling to the Bottom of the range.
Entry $38-$40.00
S/L $42.00
TP1 $36.00
TP2 $35.40
TP3 $33.80
TP4 Open (Inflation)
Like most momentum stocks, FCX is having trouble taking out the ceiling. Its at a pivot of a cup and handle formation now. Volume has been light during the Santa rally but has big potential reward vs a small risk if breakouts begin to work in this market. I would love to see continued relative strength in the setup and big volume confirmation if it can move up...
Aluminum and copper stocks performed well last . FCX was able to finally break that 39$ range. Now we're approaching even tougher resistance here which you can see at 3 different areas.
1. White line - you can see the rejections off of here
2. RSI - You can see similar rejection here
3. fibonacci .236 or 42.62..
All 3 of these resistance will be met at...
Inflation is at its highest level in 40 years yet gold and copper being pretty stagnant investments this year (gold more so than copper). I'm going long on these guys at this price. Financials look good and from what I'm reading 2022 has a bright outlook for shareholders. These guys are going to have loads of cash for stock buybacks and/or dividend increases in...
