4FCX trade ideas
Freeport: Flashing LongTechnical developments point to a brightening picture
- Shares completed a double bottom reversal on the main ascending trend line for the bullish trend.
- Shares broke the descending reisstance for the recent correcion
-Shares settles back above the 50-days SMA
-Main target at 38.00 and probably higher
FCXWait to see if Price gets a bounce off of Support. Top of Kumo. Interesting Price action. It's a HOLD.
FCXLooks bullish as it has broken out of macro symmetrical triangle pttn......1st tgt.=39 level which is the 38% Fib ret. from the 01/11' macro downtrend & 2nd tgt.=43 level which is the 50% Fib.
Correction time for FCXThe miners have had a nice bounce recently but none of them can compare to the apparent trend reversal for Freeport Mcmoran (FCX). The great run that started in late June has left many investors behind, causing them to watch with envy and hope for a pullback to buy. Such a pullback could be right around the corner as FCX is coming up on overhead resistance as well as forming an exhaustion peak 5.
If the price does form a short term high, look for an AB=CD pattern down to 34 (strong support). It would also be a 0.382 retracement of the overall bull market move and, if volume dries up, represents an excellent entry point for this leader in the mining sector.
FCXBoth trend line and MA resistance on the monthly view. Looks bullish, but needs some serious vol to power through
