FPMB trade ideas
FCX gaps down below $20FCX has just gapped down below $20 producing a potential bear flag on the weekly chart. This is a good near-term trading opportunity but this is very short-term only - as earnings are due out on 22nd January. However, if the downtrend stays in play, earnings could add to the bearish momentum.
It took over 18 months for price to break below the June 2013 pivot low but, since then, the bear trend has developed well. Price didn't really retest the $26 level. But the recent December/January pullback acted as an appropriate countermove - without being so prolonged that we could not take yesterdays gap as a shorting signal.
Volume was also high on the gap down. It would've been preferable if the bar had been a bit more bearish but, with the gap and $20 offering resistance, a near-term short looks good.
FCX Retest Gap Day Trade (Brad Reed Jan14,2015)FCX expected to open at 19.38 for a Retest Gap. To learn to trade this strategy for free, go to www.RealLifeTrading.com
Freeport Technical Analysis: Flashing Short!Technical Analysis: The long term chart for the stock is pretty negative, the price has broken below a major monthly support, completing multiple bearish patterns, a head and shoulders top followed by the minor double top formation,
The medium term outlook(months) for the share is dimmed, Shorting on any pullback towards the broken support area is favored, where am looking for an initial target at the main rising trend line shown on chart. Note that this is a logarithmic scale
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FCX reversal breakoutBreak of $28.50 on larrge volume suggest significant buying pressure at this level. 29/28 OTM Put credit spread or covered call potential
FCX downtrendingFCX is currently in a downtrend. Expecting prices to correct to $34 (completion of AB=CD pattern) minimum or further down to $33 which is the longer term bottom trend support and completion of the harmonic pattern. Fundamentally undervalued compared to rivals. Get ready to switch over to a long position.
FCX - Time to start building ~$33As a fundamental story, this stock is worth $50, but a big CAPEX program and recent M&A has hurt the profitability. No funny share buy-backs being used to buoyancy the stock (good). Combine that with China weakness and you've got a beat-up stock (great).
We are pushing down to a key $33 level, established now for about a year. With some long term technical support trends lines to give you some down side barriers. Long term bullish, so start to build a positions around the $33 or $-cost-avg into this guy here.
Thanks for stoking my interest Joe, www.tradingview.com
FCX at Support w/ Momentum DivergenceVolume Spike on Friday at support brought a pin bar like candle on extremely noticeable momentum divergence. I would look to get long at the closing price of Friday; however, the more conservative trade would be to wait for a break of Friday's high or even a close above that price. I would look for a retest of the first major resistance level around $37 - profit target put just in front of that level. There should be some resistance seen at $36 as well which would be a good level to raise stops to break even.
$FCX on the way to $40 a shareHit the 161.8 of AB on this completed ABCD, 113 acting as res. from previous high. Both determined the 3rd wave, PA turned down for a ret. @50fib., broke out of the narrow descending channel towards completing wave 5.
FCX setting up for longFCX bouncing off some great levels and getting support t the right spots.
I am no elliotician by any means by could we see a wave 5 here?
$HG_F is also catching bids today off that important 3.08
FCX - another bullish signalTwo weeks ago there was a nice bullish signal on FCX, and now the signal is even stronger. It looks like the uptrend that started with a double bottom is still in place, and this sideways movement going on for a couple of months has been a correction. I expect FCX to to back to the old 2013 highs at 38$, that means risking about 60 cents for 4 dollars, a good deal anyday.
I'm sort of bearish on gold, but I'm bullish on copper, and FCX is greatly correlated with copper.
Freeport-Mcmoran FCX Daily - Trend Trading System - BuyClick on the links below to see the trend setup, entry rules and exit rules.
The rules are very clear.
All the best,
Tim 5/30/2014 12:10AM EST FCX 34.27 +0.44 yesterday
FCX - Long with the trendFCX has been in an uptrend. Everytime price retraces to the dynamic support, it's time to buy. First target at 36 and second at 38. Stop under the hammer.
FCX - Long on Double bottomOut of all the double bottoms I posted recently, this is the trade that seems most unlikely (I explained why on the chart). I decided to post this even if I'm not that confident because the divergence is obivious and we had a gap up at the open.
My stop is under the last low at 30.40$ and my first target is at 34$ round level, at previous resistance and 50% fib. Final target, which i think is unlikely is at 38$.
Double top pattern almost complete. Waiting for confirmation. This stock has tanked as well. I believe that this stock is due for a pullback due to its price being over the 200 SMA and the S2 pivot point. My price entry would be at the neckline once the pattern has been confirmed. Price target is at $29.23 where the 76.4% fib level is located. Stop-loss is located under the previous highs at a previous support level.
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