Bullish Bat FormingSuggest to buy at SMA 200 levels..around 12.50
Cut loss @ 11.80 levels, TP 14.50
Reasoning :-
1) SMA 100 has broken
2) formation of bullish bat before rebounces
3) upward trendline
FPMB trade ideas
FCX - Possible head & shoulder formation, short from $14.83FCX came up in capture in crush scan. It seems forming a head & shoulder formation. It can easily break down to $13.43 area.
* Trade Criteria *
Date First Found- February 16, 2017
Pattern/Why- Head & shoulder, Capturing the crush
Entry Target Criteria- Break of $14.83
Exit Target Criteria- $13.43
Stop Loss Criteria- $15.33
Please check back for Trade updates. (Note: Trade update is little delayed here.)
FCXLong 3 units, max from the 15.5 area, stop under the 50 DMA, scale to 10 units, target F16, sell all.
HELD SUPPORT WELL TODAY FOR ADDITIONAL BUYING OPPNOW IT HELD SUPPORT AREA POST EARNINGS, HUGE HAMMER LOOKING TO GO HIGHER TOM
FCX FCX is starting vth wave down for the next 2-3 months to new lows. After that, new up long term trend should begin
"Head" "Shoulders" knees and toes~Classic Head and Shoulders pattern
1 Week chart
Patience will be rewarded
FCX at resitance levelFCX taking off today. Hit a resistance level at 14.85 area. Need to see if it holds.
Trumponomics BouncerThere is a lot of spent and unspent optimism on what Trump will mean to infrastructure spending. I have no idea if it will mean good things to FCX, but I like this set-up
FCX - Inverted Head and Shoulders PatternTo me it looks as though FCX has formed an inverted head and shoulders pattern and is now retesting the neckline. I will be watching for a move higher and consider buying shares or calls.
FCX On Verge Of Dropping 21%FCX is on the verge of dropping 21%. Investors need to take note of these this major factor that dictates price action. Notice on the stock chart below, how over the last two weeks Freeport-McMoRan has been unable to make new highs while the stock market has made multiple new all-time highs. In addition, the stock chart over those same two weeks has a clear bear flag pattern formation. This usually forms when small investors are buying but big institutional traders are gently selling into them, dumping shares. All in all, these are huge bearish signals on the Freeport-McMoRan and investors should be selling or shorting the stock heavily. The first target to the downside is $13.20, a net profit from the current price of 14% for shorts. The second target is $12.10, a net profit for shorts of 21%. This trade will likely play out in the next six weeks, if not sooner.
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FCX - 2hrShould start to see some consolidation here soon for wave 4 of (1). Retraces could be shallow if this is indeed setting up wave (3) of Primary 3.
FCX potential breakoutFCX tried to breakout last 2 weeks ago, but it failed and pulled back slightly. As of yesterday, the stock closed above the recent highs. If it can stay above 14.2 area, the next major resistance is not until 16.5 or so.
FCX Bullish SwingThough we had a gap and go today, I want to see it retest the resistance level it just broke through. Looking to enter on the retest and have an initial target of 15.25 with an ultimate target of 16.45
FCX breaking out of daily resistanceFCX had a nice close today and is finally breaking out of the resistance on the daily chart, watching for a gap up and then continued momentum tomorrow
