Freeport McMoran Strong Future PositionFreeport-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 but still stronger than 2021.
This provides a runway for significant sales improvement
for the company and continuous income for the company in the upcoming years
Trade ideas
FCX:longterm upchannel & shortterm downchannel; bounce soonFCX 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 but demand will soon kick in.not trading advice
FCX broke out of the cup and handle patternNYSE: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 analysis before buying or selling
Happy Trading!
$FCX trade ideaFreeport 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, reflecting a lack of supply growth in the industry and demand growth from renewables and electric vehicles. "This is a multi-year story that will gradually play out. Freeport , First Quantum, Glencore and Antofagasta are all highly leveraged to the price of copper and should benefit," Jefferies says.
Bullish options activity has been detected for the July dates on 55 and 60 strikes which is a very large move to the upside for this company.
The Technical setup is a clean cup and handle on the daily time frame with price currently consolidating above the breakout. Targets are 54, 58, and 60.
OptionsSwing Analyst
Daniel Betancourt
FCX: Cup and Handle BreakoutFCX: 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 price inflation. Sentiment: Bullish continuation// ATR: 1.85, Beta 1.99
FCX: Cup & Handlethe 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
2/27/22 FCXFreeport-McMoRan, Inc. ( NYSE:FCX )
Sector: Non-Energy Minerals (Other Metals/Minerals)
Market Capitalization: 67.415B
Current Price: $46.34
Breakout price: $46.00 (hold above)
Buy Zone (Top/Bottom Range): $44.45-$41.10
Price Target: $45.90-$46.20 (reached), $56.00-$57.60 (2nd)
Estimated Duration to Target: 100-107d (2nd)
Contract of Interest: $FCX 6/17/22 60c
Trade price as of publish date: $1.16/contract






















