FPMB trade ideas
I like the Freeport Mcmoran stockI love FCX. Think about how much copper the green revolution will need. Add that on top of inflation worries and an economy picking up after COVID, a boom caused by new infrastructure friendly fiscal spending, and you've got a good combo for risk/reward on FCX.
Am I stoked to be backing up the truck at $40 a share? Not really. I'd prefer a much lower price obviously. But the technical performance of the stock is strong, and I think it's a great long term hold regardless. Still, little trades are OK too ;P
$FCX Setting Up a Long Swing TradeI've been hesitant sharing $FCX due to how badly OBV is lagging price. BUT few things make it worth considering:
*A/D line doing much better so there is that
* Classic 5 month down trend break (red dotted line) & consolidation pivot
* Gold/Sliver looking like they want 2 rally
* Risk can be tightly controlled with 5% loss which is just below Monday's low
FCXTrading higher on infrastructure sentiment. Wave theory tells me this has more upside. It appears to have also broken out of a bull flag with high volume.
FCX Buying Opportunity coming upReasons for likely short pull back :
FCX is encountering a historical/psychological resistance @ ~$40.
FCX is at the top of its current Pitchfork price channel.
FCX is overbought (above 75 on RSI).
Reasons for likely recovery :
Fundamental Analysis - there is a shortage of copper for surge in post COVID extreme lockdown manufacturing.
- copper is an essential element in the production of most electronics, especially EV/alternative energy - also crucial in normal combustion vehicles
Sentimental Analysis - FCX just avoided being purchased by a faltering company Barrick Gold, investors responded well to that
- industry news points to continued increases in demand for copper in EV/alt energy
- FCX just posted a surprise positive 24% in earnings with no signs of diminished performance moving forward
Technical Analysis - FCX has established a strong price channel since its low point during the initial COVID sell off
- FCX has been over 70 on the daily RSI 7 times since the COVID sell off and has risen in value over 600%
PLAN
Entry Price: $32
TGT Sale Price: 1st - $44, 2nd - $49, Final- $55
Stop Loss: $24 or breaks the price channel
Max Position Size: 5% of portfolio
Note - recent administration tax executive order may cause more severe market correction. Watch for signs of more dramatic pull back before entering long.
Internal pivot breakout potentialWe've got 38-39 as a level where sellers have stepped up, effectively the entire year. Was the local peak in Feb, and has held through the summer
We're above the AVWAP from highs so buyers starting to look like they're in control here.
FCX bullish flag weeklyFreeport Mcmoran has positive sentiment
Weekly chart bullish flag confirmed
And now at .618 fibonacci
time to wait for a pullback entry on FCX$FCX hitting a big resistance area today, im going to secure gains here and look for a dip entry in the near future. potential dip buy zones are 31-32/34. the profits may not be amazing on this one, but in this choppy market any profit is good profit :)
$FCX Freeport McMoran Trade Setup
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Buy FCX - Copper going on Multiyear Bull RunBuy FCX - Copper going on Multiyear Bull Run
You cant just run out and start a copper mine, limited resource
FCX - Falling wedge break outFCX falling wedge break out .
Targets are fib pivot levels in the chart.
Buy $FCX - NRPicks 09 JulFreeport-McMoRan Inc. is engaged in the mining of mineral properties in North America, South America and Indonesia. The company primarily explores for copper, gold, molybdenum, silver and other metals. The company also operates a portfolio of oil and gas properties located primarily in the Gulf of Mexico.
Revenue $16B
Net Income $1.8B
EBITDA $6.1B
Total Debt $9.9B
Fwd P/E 9.85
Dividend yield 0.8%
FCX Long 37.10 PITCURE Perfect set up.Daily stoch on bottom vol good broke up thru the 100 and 50 day ma.
Weekly stoch on bottom and daily great set up
Picture perfect W formation
This is best set up one can get this is what u wait for Perfect TA
FCX head Back to primary trendline.. AGAINPrimary trendline - Yellow line
Bear channel -white line
-Split channel - orange line
Possible H&S forming - Purple
Rejected - on break out of bear channel.. XLB sector showing exact same chart
First target is 33.15 gap close which would be an exact touch on primary channel.
If it bounce i will cover
if it falls through , 31$ is next target and if it doesnt bounce there H&S at play which I'll then be back
Double bottom or H&S?High beta commodity stock with good RR depending on how you’re exposed.. How do you see this setting up through the rest of the year?
FCX - About to gain some height? As always - our algo trading software found this as an opportunity. Let's see what happens
Found as an opportunity at traders-paradise.com
FCX - bounce playAfter 5 red days looks ready for bounce
Watching it above 33 to go long for s short time swing (5-15%)
does FCX want to bounce here?nice dip entry here on $FCX, I'm glad we secured gains on this one. risk reward at these levels is great! on high watch next week for call scalps/short swings. look for 33 entry, stop loss 31 price target 37-38
$FCX where to now ? After a misjudgement on Copper price and fcx a few weeks ago, i am reviewing fcx again. i think the price will move up from here and we have the monthly cycle of bottom made on July 19 and Aug 19.
Let's hope this holds ... pls refer to my previous analysis on copper price.
FCX, Do it now !Maybe the last chance to invert the trend and start a nice impulse wave.
Bearish cross of the 21+50 EMA
RSI extremely oversold
long FCX @ 37.68Daily stoch heading up vol great bought off 100 day ma, above all ma
Weekly stoch perfect on bottom heading up
perfect TA set up going 46
FCX leg up is here now! nice bounce off trendline support, we can use a tight stop at 37.5 and close if the support breaks. great setup, one of my favorite at the moment. look for a test of 40+ soon if it plays out as expected. goodluck! like and follow for more :)
Volume Profile FCXGood example from FCX of recent rejection of volume shelf. Looking for a retest. Needs volume to push to $41 zone again. Rejection at the shelf again I'll be going for a short to $35 or lower.
