Long FCX here
Updated
- 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 should also do well. Who knows? Seems like good setup here.
- 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 should also do well. Who knows? Seems like good setup here.
Note
An alternate stop would be a close below that 200ma. It'd be cool if Trump wants to build that wall out of copper.Trade closed manually
I closed it just above stops. Today's candle looks ugly, in both metals and precious metals. Could still be a bottom but I'm not feeling it.
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