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Massive resistance band overhead. FCX has punched through it only a few times in its history, and it doesn't spend much time in or above this region during super cycles. The death zone on Mt. Everest can be expressed this way. The bull thesis for FCX to summit it's peak again is that it'll be fueled by additional copper input in EVs, burgeoning consumer...
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. ...
I have closed my positions over the last couple of weeks for 100%+ returns on both these names. I have been in FCX since $5 and X since $9. If you go back far enough in my ideas you can see that I posted about this way back when. If you look at these for the last 10 years they are in a major downtrend. I think they are both putting in reversal patterns and will...
Copper futures at 9 year highs and all time high is around $4.65, FCX is the world's largest publicly traded copper producer. It is following the price of commodity. Demand for copper from renewable sector is growing as new power generation capacity addition renewable energy (China/India). Options - The March 19 $38 calls traded over 11000 times, over 34,000 in...
I'm expecting price to hold this current resistance on the 4H. If price breaks above current resistance, then I will close these contracts for a loss and salvage what I can from the position. My profit target is around $28. So, why $28? Because price has already checked the $33 - $30 price level noted by the check mark. I think price could move lower to the...
NYSE:FCX Uptrend Fast Turtle Buy FIFT +ve MCDX+ Turn Strong Banker 75%
FCX: Trade Idea: Divided reinstatement, restructuring of board, upside on commodities and natural resources entering 2021, electrical vehicles driving up demand for Cu.
Since price cross MA30 @June 2020 in weekly, it is in a strong uptrend. Price is reversed nearby MA50 (blue line) appeared a price rejection (pin bar). Next day one white soldier candle as confirmation day, stochastic oscillator indicator shown price at oversold range moving average line is toward up direction. I have a position, and look for 2R...
Multi-year copper bull-market, says Goldman Sachs Commodities division: www.reuters.com This is the pullback institutions have been waiting for. Increase exposure in copper stocks such as Freeport, Lundin Mining, First Quantum, etc.
Most of the miners took a hammering today. As predicted last week, the DXY (dollar) is finding support and pulling back a little. The long term trend is however down and this weak recovery is inconsequential in the long term, but, responsible for the excess volility we see, and speculation by traders. This is what we witnessed at Mkt Opn. Lots of quick bucks made...
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...
Good entry point on FCX with good R/R. Not investment advice. Do your own research.
Consolidating like crazy after big volume bars earlier from few weeks. Needs lot of patience as it moves slowly. Ideally far out options or really long term hold (6 montsh) will work perfectly.