There is a lot of spent and unspent optimism on what Trump will mean to infrastructure spending. I have no idea if it will mean good things to FCX, but I like this set-up
To me it looks as though FCX has formed an inverted head and shoulders pattern and is now retesting the neckline. I will be watching for a move higher and consider buying shares or calls.
FCX is on the verge of dropping 21%. Investors need to take note of these this major factor that dictates price action. Notice on the stock chart below, how over the last two weeks Freeport-McMoRan has been unable to make new highs while the stock market has made multiple new all-time highs. In addition, the stock chart over those same two weeks has a clear bear...
FCX tried to breakout last 2 weeks ago, but it failed and pulled back slightly. As of yesterday, the stock closed above the recent highs. If it can stay above 14.2 area, the next major resistance is not until 16.5 or so.
Though we had a gap and go today, I want to see it retest the resistance level it just broke through. Looking to enter on the retest and have an initial target of 15.25 with an ultimate target of 16.45
FCX had a nice close today and is finally breaking out of the resistance on the daily chart, watching for a gap up and then continued momentum tomorrow
