we have been in a little downtrend channel here after FCX met its March highs, doesnt mean we cant make some money going long though. look for a slow grind to 35-36 here before we meet top trendline resistance. if that breaks we can test 52w highs. ;)
Get on board this most excellent trade with copper and stock seasonality on your side! FCX has has a great run this year with copper from the bottom rising 400%. This is a great and possibly final leg to get into for awhile that is perfectly balanced inside Camarilla pivots, which I would consider myself an expert in using.
Copper 16YR seasonality nearing a...
I am now 70% confident that FCX will reach $60 in 2021.
1. recent relative strength in price action. Compared with most NASDAQ stocks, FCX has already recovered from the lows, as of today.
2. Economic recovery, especially manufacture of e-car will need cooper, so high demand
3. With that much dollar floating everywhere,...
after a 711% bullish rally in less than a year, I believe it is going to test its 50EMA, lower border of the channel and previous low at the same time!
if it breaks below all three at the same time! a new ear will start!
this might happen in the next 2 week, I will keep this on the watch list for daily candle closure below 32 for safe entry.
Copper rising and the dollar falling trend look ripe to continue
FCX is a good copper play on what is a decent support area
a move to the upside is proabable but we would prefer a small position size since :
1) the R of 1.29 isn't the best and
2)MACD doesn't look the best.
FCX: Revisiting metals and mining after yields were announced. Conviction still strong on the upside regarding EV thesis and plays associated with this sector. Channels provided to measure key levels of support and resistance x upside expectations. I am using the 50MA and 200MA as further evidence of confirmation/rejection on KL's.
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...
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.
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...