I am by no means an expert programmer or technician, but what I have been noticing with FCX is a relatively consistent pattern where option premium sellers have a great opportunity for enhanced success.
Rules:
- On a 4 hour chart with Keltner channels, Bollinger Bands in the upper indicator and CM_WVF_v3_Ult in the lower indicator
1) When CM_WVF is in GREEN,...
FCX has just gapped down below $20 producing a potential bear flag on the weekly chart. This is a good near-term trading opportunity but this is very short-term only - as earnings are due out on 22nd January. However, if the downtrend stays in play, earnings could add to the bearish momentum.
It took over 18 months for price to break below the June 2013 pivot low...
Technical Analysis: The long term chart for the stock is pretty negative, the price has broken below a major monthly support, completing multiple bearish patterns, a head and shoulders top followed by the minor double top formation,
The medium term outlook(months) for the share is dimmed, Shorting on any pullback towards the broken support area is favored, where...
FCX is currently in a downtrend. Expecting prices to correct to $34 (completion of AB=CD pattern) minimum or further down to $33 which is the longer term bottom trend support and completion of the harmonic pattern. Fundamentally undervalued compared to rivals. Get ready to switch over to a long position.
As a fundamental story, this stock is worth $50, but a big CAPEX program and recent M&A has hurt the profitability. No funny share buy-backs being used to buoyancy the stock (good). Combine that with China weakness and you've got a beat-up stock (great).
We are pushing down to a key $33 level, established now for about a year. With some long term technical...
Volume Spike on Friday at support brought a pin bar like candle on extremely noticeable momentum divergence. I would look to get long at the closing price of Friday; however, the more conservative trade would be to wait for a break of Friday's high or even a close above that price. I would look for a retest of the first major resistance level around $37 - profit...
Hit the 161.8 of AB on this completed ABCD, 113 acting as res. from previous high. Both determined the 3rd wave, PA turned down for a ret. @50fib., broke out of the narrow descending channel towards completing wave 5.
FCX bouncing off some great levels and getting support t the right spots.
I am no elliotician by any means by could we see a wave 5 here?
$HG_F is also catching bids today off that important 3.08
Two weeks ago there was a nice bullish signal on FCX, and now the signal is even stronger. It looks like the uptrend that started with a double bottom is still in place, and this sideways movement going on for a couple of months has been a correction. I expect FCX to to back to the old 2013 highs at 38$, that means risking about 60 cents for 4 dollars, a good deal...
Click on the links below to see the trend setup, entry rules and exit rules.
The rules are very clear.
All the best,
Tim 5/30/2014 12:10AM EST FCX 34.27 +0.44 yesterday
