OPENING: FCX MARCH 20TH 12 SHORT PUT... for a .57 credit.
Notes: High rank/implied with earnings. Going with a Plain Jane Wheel of Fortune short put here, as I did with BBBY. (See Post Below). Break even/cost basis in shares at 11.43.
FPMB trade ideas
Copper demand from China will be robust after COVID-19. Buy FCX?Freeport McMoRan is the largest global supplier of copper. China is a massive consumer of the commodity. Economic stimulus and reboot of China's economy will increase demand for the commodity and prices.
Price above MA100Price above MA100, and testing 50% fibo retracement. good to go long if price stays above fib 38.2
Freeport-McMoran Testing Long Term Resistance FCX, Freeport McMoran is testing a long term resistance trend-line. Copper has been unfavorable as of late due to the slowdown in Chinese growth. China is the largest buyer of Copper in the global market. However, recently, the dollar down move has been reflationary for commodities in general, with the CRB commodities index rallying. Moreover, Chinese PMI's have recently bounced, alongside Europe and other EM countries. This is all bullish for Copper. Given that it is the last major commodity to turn in this dollar-down short term macro picture, FCX is ripe to break this long term resistance and head to new highs.
FCX updateNYSE:FCX
Revision to previous chart/idea. After earnings, fcx took a dump, thanks to corona virus news, copper prices dropping, and overall index weakness. Not really sure how the market will react to fed day on wed. Assuming its not too bad, i think the bullish pattern continues. FCX is on sale and could be a good long term entry. With production in Indonesia ramping up and a return to bullish copper prices we could easily hit $60 a share in a couple years.
On the other hand, if the fed disappoints and virus business continues to spook the market we might be headed to single digits (something that I have been waiting and watching for) before heading back to ATH's.
Something tells me we keep the boat afloat a while longer. Playing it day by day.
I apologize for the "busy" chart. I am still learning to chart and finding what works for me and what to pay attention to. I have another chart on investing.com that is a bit cleaner if you care to see it.
What are your thoughts?
hmmm... A/D & price action divergence brewing in FCXsomething funny goin on. I know AD has trouble with gaps. but... Somebody sneakin away with a bunch of shares here on the cheap?
And WOW yesterday .. had expected the shake.. but, dang .made me wonder .. still am ? whats next?
LETS SEE 15!
FCX breaking to new highsTime to go long FCX. The sector is moving higher and FCX is breaking out to new highs.
FCX longShort update.
Please reference my first FCX chart for my initial thoughts.
The current rally is sitting roughly at 78.6% retracement of the prior move from April 16th of 2019. As you can see we paused a little bit and consolidated after the initial move up from $8.30 (which also resulted in a pause/sideways movement). I'm looking for AT LEAST a movement to the 100% retracement at 14.51 which is currently serving as resistance from Aug-Sept double top. This level also lines up with the 2.272, 2.414, and 2.618 fib cluster extension of the prior swing high-low.
I'm looking for a small retracement of the last (second red line) movement. As you can see this movement already flagged a bit and after todays late day pump im expecting a little relief before wednesdays announcement of china trade deal.
Assuming things go okay with the signing and whatnot, I think we will at least see the 1.272 or 1.618 extension by spring/summer.
One thing to keep in mind is that FCX earnings are on Jan 23rd. Im expecting a small beat or miss. I need to refresh my memory but the prior earnings were a miss or barely beat but the FCX continued upwards on china talks and futures pumping. Earnings are turning around and production is ramping up with the opening of new deep mine in Indonesia.
What are your thoughts?
FCX - Global Growth will Send it HigherNice little 1:3 RR with potential to double within the year. This could be the start of wave 5 that could go to 17 / share.
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not over until its over - FCX up or down? I think up. but who knows. economy is weird machine. global economy??
its not a disaster..... yet.
FCX timing and rhythm - Is it copper time? here's something im sure we've all been watching.. looks pretty flaggy. IF the trade stuff is settling out, and markets general attitude stays upbeat. I think this looks real nice.
Of course this has a lot of strings attached.
good luck!
i39.FCXBeta-R:Journal. Risk Management: Compound .Level : PA . Time: Short-term - Intermediate . This is just my view follow if it aligns with yours. Ideas are not repeated rather updated.Worry about risk only.
fcx with another flag.. but ...what about the tariffs?fcx buyers are very excited for the future! has been a good run. but, seems we never really got past phase 0 on the trade deal.. will the tariffs start to become bullish? Harder us pushes maybe quicker we find a solution.. agree to disagree?
Taking a bit off table.. keeping close eye on copper.. who knows how high it may run. has been depressed for so long.. 4? 5? 10?! haha
GOOD LUCK!
FCX Breaking Out - Weekly ChartFreeport-McMoran is attempting to break out of a bullish wedge pattern. There is a lot of options activity in this name with the February 21 $14 and the December 13 $12.50 calls. Note the bullish divergence just prior to its recent bullish move.
We want to see the stock hold above the break out level. If the price can hold I am targeting $13.90 as my initial price target.
POSIBLE RETROCESO EN FUERTE RESISTENCIAEspero que luego de llevar una hora subiendo y de haber tocado esta resistencia semanal la cual ha funcionado como soporte anteriormente, se realice un retroceso de almenos 30 centavos de dólar.
@gio_taborda
Head & Shoulder Bottom FreePortHd&Shldrs setup, measuring obj: 15:33, ~33% from neckline, note confluence w/ VAP levels.
Option traders bet big On Freeport McMoRanEntry level $11.54 = target price $ 13.35 = Stop loss $ 10.83
Our previous trade setup call is now up 20% and we think the upside run continues.
Option traders betting big on upside move.
From 9:48 a.m. to 9:50 a.m. a trader bought 2,682 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 near ask prices ranging from 59 cents to 60 cents. The series of three trades represented a more than $158,000 bullish bet.
From 9:52 a.m. to 9:54 a.m. likely the same trader bought 3,453 Freeport-McMoRan call options with a $12 strike price expiring on Feb. 21, 2020 near ask prices ranging from 54.2 cents to 56.1 cents. This series of three trades represented a more than $180,000 bullish bet.
Less than a minute later, potentially the same trader sold 2,301 Freeport-McMoRan call options with a $12 strike price expiring on Feb. 21, 2020 near the bid price at 56.1 cents. The trade represented a $129,086 bearish bet.
At 9:57 a.m., a trader bought 1,572 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 the ask price at 63.4 cents. The trade represented a $99,664 bullish bet.
Of the 13 large Freeport-McMoRan option trades on Thursday, 11 were either calls purchased at or near the ask or puts sold at or near the bid, trades typically considered to be bullish. The other two were calls sold at or near the bid, trades typically considered bearish.
Source Benzinga
Our previous trade setup call is now up 20% and we think the upside run continues.
Company profile
Freeport-McMoRan, Inc. engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona; and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. The Molybdenum Mines segment includes the Henderson underground mine and Climax open-pit mine, both in Colorado. The Rod and Refining segment consists of copper conversion facilities located in North America, and includes a refinery, rod mills, and a specialty copper products facility. The Atlantic Copper Smelting and Refining segment smelts and refines copper concentrate and markets refined copper and precious metals in slimes. The Corporate, Other, and Eliminations segment consists of other mining and eliminations, oil and gas operations, and other corporate and elimination items. The company was founded by James R. Moffett on November 10, 1987 and is headquartered in Phoenix, AZ.
FCX breaking out of downtrend?Attention to FCX if stock can continue to move higher. Trendline indicates 1.80% annual inflation. From a high of $17 in 1996 would equate to $~$26 2019.
From a low of ~$3.81 in Nov 2000 a 1.80% annual inflation rate would equate to ~$5.35.
From a mid point of $10.50 = $15.27
FCX Long updated.FCX Long rally and correction wave prediction. Now it looks like long. Here is a prediction of the rally pattern which may have a longer or shorter time scale than the time scale presented here.
bull flag 2 - return to resistance Not sure what oct 24 was about. . fcx bounced back. Appears to be a pretty good reversal. Hard saying in current light.. Maybe? 200 day seems right.
