That top bothering me looks like irregular top and we have not completed 4th wave yet ...we will see ..more upside but from lower
Wait for an entry over 39.50 It's been consolidating all summer under 39$ Target ATH
Play retest of the BO of the bull flag................................
NYSE:FCX stop loss : 40 Target: no target. OBV still not quite good.
FCX: Bullish Engulfing on the daily. Price action breaking out of four week consolidation and well formed over key moving averages. Key Levels are identified: 41.70, 43.40. Nice play with time.
FCX Breakout after a sweet consolidation// Beta: 2.06, ATR 1.57
I love FCX. Think about how much copper the green revolution will need. Add that on top of inflation worries and an economy picking up after COVID, a boom caused by new infrastructure friendly fiscal spending, and you've got a good combo for risk/reward on FCX. Am I stoked to be backing up the truck at $40 a share? Not really. I'd prefer a much lower price...
I've been hesitant sharing $FCX due to how badly OBV is lagging price. BUT few things make it worth considering: *A/D line doing much better so there is that * Classic 5 month down trend break (red dotted line) & consolidation pivot * Gold/Sliver looking like they want 2 rally * Risk can be tightly controlled with 5% loss which is just below Monday's low
Reasons for likely short pull back : FCX is encountering a historical/psychological resistance @ ~$40. FCX is at the top of its current Pitchfork price channel. FCX is overbought (above 75 on RSI). Reasons for likely recovery : Fundamental Analysis - there is a shortage of copper for surge in post COVID extreme lockdown manufacturing. ...
We've got 38-39 as a level where sellers have stepped up, effectively the entire year. Was the local peak in Feb, and has held through the summer We're above the AVWAP from highs so buyers starting to look like they're in control here.
Freeport Mcmoran has positive sentiment Weekly chart bullish flag confirmed And now at .618 fibonacci
$FCX hitting a big resistance area today, im going to secure gains here and look for a dip entry in the near future. potential dip buy zones are 31-32/34. the profits may not be amazing on this one, but in this choppy market any profit is good profit :)
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Buy FCX - Copper going on Multiyear Bull Run You cant just run out and start a copper mine, limited resource
FCX falling wedge break out . Targets are fib pivot levels in the chart.
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Freeport-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...