Freeport has mirrored the price of copper and on the 4th of January when copper prices pivoted to the upside FCX began its reversal. this stock has loads of room to run to the upside. The only problem we can see is a breakdown in the Trade talks with China.
FCX is approaching our first resistance at 13.62 (horizontal pullback resistance, 61.8% fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level to our major support at 11.53 (horizontal swing low support, 50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding...
After a long turn down, it seems the trend will turn upward. If the stock can break through the level around 12,5 $ the next serious obstacle can be around 15 $. Th technical view is promising.
... for a 1.90/contract credit.
Metrics:
Max Profit: $190/contract
Max Loss/Buying Power Effect: Undefined/~$260 (on margin); full notional (cash secured)
Break Evens: 11.10/14.90
Delta: 31.37
Theta: 1.05
Notes: Implied volatility's still pretty high post-earnings at 42%, so taking a modestly bullish assumption shot with a position that emulates the delta...
FCX has taken a beating since it peaked around $20 a year ago. But I seem some signs that the down trend might soon come to end. The stock is in a falling wedge pattern, and a breakout to the upside would be very bullish for the stock.
Here is how I would play this one:
Wait for the break of the resistance at around 12.68 (red line). It has attempted to break 3...
In the weeks to come, it looks like FCX is setting up for a major bottom akin to the preciohs metals miners imo.
The monthly stochastics is still down, so one for the watchlist. Price action looking good so far…
After a short break for shortened trading weeks for the Christmas and New Year's holidays (how bout them holiday markets, huh?), I'm back to my regular routine. Here's what's on tap for the coming week ... .
Earnings:
I'm not seeing much on the earnings front for volatility contraction plays or premium plays in high implied volatility around earnings that are...
These are the FUTURE dates for FCX with
the highest probability for experiencing a price
swing high or low. Apply your own indicator(s)
to determine the price swing direction.
Starting from the left. Good increasing volume with a follow-up. Decreasing volume with a consolation pattern followed up a symmetrical triangle, broke out well with a volume, but afterwards volume started to decline and achieved higher highs and crashed.... Double top, stop run etc... Price increase without a volume (double top? stop run? macd shouts)), bad......
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NYSE:FCX
