Recently highlighted a successfully retested breakout on the fcx hourly chart, but expanding to the larger time frame reveals that this breakout may represent resumption of a larger bullish structure. New targets of $14.80 and $16.50 added.
Waiting to see what FCX does here. If it breaks the 13.14 support I'll be looking for it to retest and break higher. If it breaks the trend and goes bearish I'll be looking for a bearish setup. I'm not in any trades on FCX just yet.
- Daily charts are quite oversold
- Possible double bottom of the old inverse H&S neckline, seems like a support level
- Copper remains in an uptrend after recent 2 month correction
- Buy 13.56, Stop below 13.00
5% of portfolio, 4% risk, portfolio risk 0.2%
If the global economy doesn't implode this should do well long term. If there is a currency crisis this...
Suggest to buy at SMA 200 levels..around 12.50
Cut loss @ 11.80 levels, TP 14.50
Reasoning :-
1) SMA 100 has broken
2) formation of bullish bat before rebounces
3) upward trendline
FCX came up in capture in crush scan. It seems forming a head & shoulder formation. It can easily break down to $13.43 area.
* Trade Criteria *
Date First Found- February 16, 2017
Pattern/Why- Head & shoulder, Capturing the crush
Entry Target Criteria- Break of $14.83
Exit Target Criteria- $13.43
Stop Loss Criteria- $15.33
Please check back for Trade...
