FCX has been Trading in a Consolidation range since October.
Expect a false breakout to the upside before falling to the Bottom of the range.
Entry $38-$40.00
S/L $42.00
TP1 $36.00
TP2 $35.40
TP3 $33.80
TP4 Open (Inflation)
Like most momentum stocks, FCX is having trouble taking out the ceiling. Its at a pivot of a cup and handle formation now. Volume has been light during the Santa rally but has big potential reward vs a small risk if breakouts begin to work in this market. I would love to see continued relative strength in the setup and big volume confirmation if it can move up...
Aluminum and copper stocks performed well last . FCX was able to finally break that 39$ range. Now we're approaching even tougher resistance here which you can see at 3 different areas.
1. White line - you can see the rejections off of here
2. RSI - You can see similar rejection here
3. fibonacci .236 or 42.62..
All 3 of these resistance will be met at...
Inflation is at its highest level in 40 years yet gold and copper being pretty stagnant investments this year (gold more so than copper). I'm going long on these guys at this price. Financials look good and from what I'm reading 2022 has a bright outlook for shareholders. These guys are going to have loads of cash for stock buybacks and/or dividend increases in...
FCX: Bullish Engulfing on the daily. Price action breaking out of four week consolidation and well formed over key moving averages. Key Levels are identified: 41.70, 43.40. Nice play with time.
I love FCX. Think about how much copper the green revolution will need. Add that on top of inflation worries and an economy picking up after COVID, a boom caused by new infrastructure friendly fiscal spending, and you've got a good combo for risk/reward on FCX.
Am I stoked to be backing up the truck at $40 a share? Not really. I'd prefer a much lower price...
I've been hesitant sharing $FCX due to how badly OBV is lagging price. BUT few things make it worth considering:
*A/D line doing much better so there is that
* Classic 5 month down trend break (red dotted line) & consolidation pivot
* Gold/Sliver looking like they want 2 rally
* Risk can be tightly controlled with 5% loss which is just below Monday's low
Trading higher on infrastructure sentiment. Wave theory tells me this has more upside. It appears to have also broken out of a bull flag with high volume.
