FCX trade ideas
FCX setting up nicely in cyclical turnaroundLong term 2W chart approaching key level. Breakout above $16 could indicate further upside potential. 20 and 50 week MAs provide some support w/ 50 wk turning up
Posible retroceso rupturaLos indicadores indican posible ruptura alcista siguiendo el canal ascendente semanal.
Pero hay posible retroceso a soporte anterior si no rompe la media de 200 y sigue con el patrón bajista de los últimos triángulos bajista.s
$FCX ends 6 year bear market - short term bull target is $16Whether or not the tech bubble pops, precious metals will continue to rise. $FCX is a safe low risk long term hold. Watch for Copper futures to quickly trade above $3.
All that glitters, is not goldAfter being decimated over the last 10 years, it seems that FCX, is rising from the ashes. Given its exposure to several metals, and the recent push higher in both precious and base metals this could be a very handsome investment. Technically looking good. Tomorrow is earnings.
C&H Earnings BMOCup and Handle
Mid Cup 9.25
stop below handle low at 12.5
Targets 16.5 19 20.5
Not a recommendation
FCXcopper mines galore, electric cars, turbines.... gotta be careful if they outlaw gold, what be the next haven? Blue sky volume ahead
fcxpotential buy stock
Freeport-McMoRan Inc. engages 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, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. As of December 31, 2019, it estimated consolidated recoverable proven and probable mineral reserves totaled 116 billion pounds of copper, 29.6 million ounces of gold, and 3.58 billion pounds of molybdenum, as well as operated approximately 210 wells. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was founded in 1987 and is headquartered in Phoenix, Arizona.
SHORT FCXExpecting short-term correction from extremely overbought weekly and daily levels. If stop breached, be prepared to catch new daily reversal on higher levels with a tight stop.
$FCX Freeport Bullish as Copper Surges
Possible trade setup on break above trendline resistance.
Upside Target $14.50 to Fibonacci and Pivot point .
Copper prices continue to surge and we may see
some rotation into the sector.
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Ready For More?Were you in on the last 2 posts?....it's not through yet. Looks like an ascending triangle with an incoming golden cross.
The Direction of FREEPORT- MCMORANHello traders, FREEPORT- MCMORAN is in a bullish push, breakage of the compression zone to come up, possibility of breakout of the stabilization zone.
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Nice Swing/Position EntryLooks like a good place to enter withe the crossing of the 200ems, the rest of the ema's moving upward, and the macd crossing.
FCX Long IdeaFCX is breaking out this morning to new near term highs. Its price is above the supporting moving averages. I'll take this trade.
FCX Apr29 to May12 Bear-Flag formation - Short SellBetween April 29th and May 12 a clear short term bear flag appears to be forming. Long term there appears to be an underlying bullish symmetrical triangle that began forming back in Feb 2020. This underlying bullish triangle would normally be of concern, yet the SPY has a similar formation which is a long term Bear Flag that began forming in February and as of May12, it appears the SPY is ready for a correction (follow through) with the longer term bearish pattern since the lower support has broken.
Thus, the short term (Apr29 to May12) Bear Flag that is forming in FCX should be valid. Risk to reward is at approx. 23% on the downward move and 4% on an upward move. I like those odds. I bought 120 June5 puts at a strike of $8; I plan on exiting 1/2 of my position if/when the underlying FCX stock reaches my target of 8.23 and empty the rest of my position at 7.38 to close my position.
At, or around, 7.38 I plan on going long to take advantage of the dead cat bounce... On the chart you may notice an "M" formation forming... 7.38 would be the bottom of the last leg of the "M". I expect the stock to bounce to around 8:40 and then return on it's journey southward to test it's 3 month low of 4.88. I plan on swing trading this to the bottom to increase profit margin on the plan. When the stock reaches 8.40 after it's dead cat bounce, I plan on re-entering into a put position with an expiry of Jul20. Initial investment $2540.00.... First leg expected profit $9500.00.... dead cat bounce expected profit $2500... expected long drop to test the 4.88 low profit $14,000.00...
I will update this post as the game plan plays out.
*** This is not investment advise and is only for analysis purposes. I am a novice and am posting this for critical feedback to make sure my strategy is sound.
SELL-BUY-SELL StrategyRecent new release from several outlets upgraded FCX to a weak BUY on 4/27, Company missed earnings largely due to COVID19, Company shuffling finances around quickly to shore up losses along with fur-low's and layoffs, outlook for 2020 bleak but hopeful. Copper prices rally'd yesterday with an expected pause in it's rally today or tomorrow for a sell off in the commodity. FCX's Gold holdings are weak and production less than desirable to make the company profitable. Company is not profitable at this time and has lost much of it's equity due to loss of income. Long Term reentry into the stock @5.55 to 6.03.
My current strategy for me is to look for an exit of my 9.5 short position when the stock is between 7.85 and 8.33; then quietly wait for the short squeeze to complete this week. Potential reentry into a SHORT position when the stock retests its 9 and 9.48 R levels. Final exit from my short position at a target range of 6.03 to 6.44. This is not advice to purchase, sell, or acquire equity's in FCX - This is all based upon my analysis of the market, the company and it's 30 day outlook through May.
FCX shortEarnings report tomorrow morning. Should be pretty abysmal....covid, copper not doing so hot, revenue should be down with mine closures and low consumption/need for copper. Took some put positions EOD today. Lets see what happens. Technical rationale on the chart.
The "eyes" are my potential targets for tomorrow.
Questions/comments welcome.
Full send or no send.
Bearish Triangle on Copper StockFreeport-McMoRan is one of the most actively traded natural-resource stocks. The copper producer has lost about half its value amid the coronavirus selloff, and now the chart may be setting up for further downside.
This pattern is a straightforward bearish descending triangle. Support has been around $6.15 since the market bounced last week, but FCX has made lower highs since then. Sellers may get active on a break of $6.15 and look for the downtrend to continue.
FCX also has a big debt load, which can weigh on prices when the economy and credit markets are weak. Macro conditions like this are negative for industrial metals like copper .
FCX $3.75 on The WayThis is ONLY for Long Term Investors - FCX heading to $3.75 as always do your own DD
