Good example from FCX of recent rejection of volume shelf. Looking for a retest. Needs volume to push to $41 zone again. Rejection at the shelf again I'll be going for a short to $35 or lower.
$FCX Target 45.95 for 21.92%
Or double position at 29.43
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I start every position with 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before...
I made a key code of the price action then found an exact match to this move in the past.... one that matched at lease 95% or better. That way if the move is that close to the same shape we have now it must mean the sentiment of the market was the same at that time. Therefore, the outcome should be the same coming out of the move. I then used PTP which is Past...
Freeport is in a consistent uptrend and now pulling back. it was building a short low base and breaks out now. Supported by the SMA20 realistic target at expanded fibo?
Possible Flag / Triangle Breakout
Possible targets of T1 & T2
T1 being height of triangle
T2 being Height of Pole
P.S : Important for the gap to be filled
Freeport-McMoRan is a unique opportunity in a high copper priced world, with the ability to take advantage of growing demand for electric vehicles.
The company achieved significant 3Q 2020 results, and it's focused on aggressively paying down debt to $4.5 billion by YE 2021.
The company has an incredible FCF potential, with a double-digit FCF yield expected in...
FCX may touch the upper channel line of the pitchfork.
It is already outside the Bollinger Band on the 1D.
MACD has not yet curled back down.
RSI is overbought, but may have a little higher to go. (It is showing Bearish Divergence)
Pivot points: 1st Resistance = $45.01, 2nd = $46.05, 3rd = $47.60
Watch for entry around YELLOW RSI level.
Good Luck
The four companies best known as copper miners don't all have the same strong upward trend year-to-date. Freeport McMoran (FCX) stands out as a stock, but don't overlook SCCO's 4% annual yield.
Considering how this has played out in the past and the current economic environment, we continue to pick our spots to go long copper.
Not the best R ratio but as usual we can make it better once in profit by moving TP up and SL to Breakeven.
