FCXExtreme selloff for this name ,
Price rallied of the extension. now testing monthly resistance.
I spotted an inverse H/S supporting a bullish case.
I can see price retesting supports,
Buy or sell the break out
FPMB trade ideas
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Recap and update on FCXNYSE:FCX
My update for FCX,
I mentioned this stock as an idea for short. the trade is a daily trade, the stock is still weak.
Stock is forming now what's called mashroum over shape or in other hands H&S shape
The stock hits the resistance at point (A) and the low of point (B) both are strong resistance , we might see an upthrust tomorrow meaning making new high and close near the low. If we see the upthrust that will confirm on the daily the stock is in distribution phase.
Stock that could earn you big profits. FCX ShortNYSE:FCX
The chart is very descriptive,You can see the start of selling to the herd on the left at point A.
Point B is the confirmation forming an up thrust bar with high volume, this is big money selling to the herd.
And this confirms the stock is weak.
The stock then drops in a down channel and changed behavior below the EMA's
Notice at point A the low of this wide range bar will act as a resistance because of the high volume combined with it.
Today at point C the stock tagged that low from below, and closes as a no demand bar (narrow spread, close in the mid up bar with low volume) there is no chance to break above the low of point A with such low volume.
The stock now in a down trend with weakness in the back ground from A and B.
The no demand at C confirms a very strong sell signal in such conditions.
FCX - test of 200 MA.FCX came off its low in February, it is now digesting gains and could retrace further. I am watching price behaviour around this critical zone 7.83USD - 8.00USD.
FCX broke trend and resistanceFCX had a 62% gain in the last 60 days or so. A retracement is overdue. It broke it's 10.25 resistance turned to support and it's trendline. Expecting 7.82 with possible intra-day swings to 7.50 round number given it's high volatility.
FCX From here to $11.25 Looks like FCX price linger point may be around $11.20 - $11.50. This is neither a recommendation nor advice for any trade. It is my own trade journal to improve chart reading skills and validate price predictions. Typically my target price is supposed to hit before hitting nearest swing low/high (depending on if price prediction is long or short)
Freeport Mcmoran IncStart of a long term long for this stock. Bottoming and forming a nice five wave impulsive pattern. First target met at 8.71, extension to 9.67 next. If it holds there, looking for 7.33-5.88 for a corrective pullback to add to position and get a nice wave 3.
Buy $FCX - Freeport- MCMORAN IncCopper and gold miner Freeport-McMoRan Inc. (NYSE: FCX) announced Monday morning that it had agreed to sell a 13% ownership stake in its Morenci mine for $1 billion to its joint-venture partner in the Arizona mine, Japan-based Sumitomo. The transaction is expected to close in mid-2016. subject to regulatory approval and other customary closing conditions.
Freeport expects to use the proceeds to repay borrowings under its bank term loan and its revolving credit facility. The company also expects to record a gain of $550 million on the transaction and to use losses to offset cash taxes on the sale.
Read more: Freeport-McMoRan Raises $1 Billion on Asset Sale (NYSE: FCX) - 24/7 Wall St. 247wallst.com
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LONG FCXIndonesia goverment has give export permision to PT Freeport INdonesia, a FCX13.09% Subsidiary
i'm sure in short term FCX13.09% will go to $10
More stock analysis bei5000.com/tag/en
LONG FCXIndonesia goverment has give export permision to PT Freeport INdonesia, a FCX Subsidiary
i'm sure in short term FCX will go to $10
more stock analysis bei5000.com/tag/en
FCX - Worth a look.It may not be the flavor of the month or year, but why not put some cash to work in this co.? It's worth a look.
Dollar average down to $3.50, & stay Long.
Bottom is very close but still it can get uglierIf you have the balls to play a long-term investment strategy it could be very close now then ever. Each bottom base has a unique characteristics and sometimes is very confusing and hard to define the zone of tolerance, for this security, it looks the bottom is not far if not printed already. Like at and around $7.8 area with stop loss at and around $5
FCX on a very decisive levelFCX closed right on support of the lower trend line as shown. Price moving above from here would mean FCX has started a leg up after being beaten down. If comes down it would mean it sees prices 8.88 or 7.50.
Can go long at this point for a good R/R. MACD is falling which is not bullish and MA's are again falling which is again not bullish. Right at lower bollinger band which have provided support previously on many occasions. Monday's close would be telling.
Put premium selling opportunity in FCXI am by no means an expert programmer or technician, but what I have been noticing with FCX is a relatively consistent pattern where option premium sellers have a great opportunity for enhanced success.
Rules:
- On a 4 hour chart with Keltner channels, Bollinger Bands in the upper indicator and CM_WVF_v3_Ult in the lower indicator
1) When CM_WVF is in GREEN, and
2) Price is outside the KC
3) When price reenters the KC initiate the following transaction:
Sell Put or Put spread with the closest strike at the lower Bollinger Band. Days to expiry = 30 days
Within the past 6+ months, that signal has occurred 5 times with all expiring OTM, and once was there a touch.
The setup in FCX is near again - Green CM_WVF and price is outside the KC.
Stay tuned...
