Head and shoulders along with weekly MACD... 2008 Vibes!
I entered long position at 2.73 Freeport LNG is going to open soon after months of being offline. Export of US LNG to EU will resume which will lower EU prices and rise USA prices.
A cold weather snap forecast across much of the United States is driving demand for natural gas as a heating fuel higher. Prices of front month Henry Hub Natural Gas Futures have risen over the past week as a result. The front of the curve has moved more than the rest of the curve. The curve is now close to where it was two weeks ago. Natural gas in storage is...
Freeport-McMoRan's relatively strong position significant producing assets in the U.S. and Indonesia and expansion opportunities puts it in a somewhat stronger position. In short, the outlook for copper prices is good They are forecasting steady annual sales growth. 2023 is expected to be an even stronger year than 2022, and 2024 is expected to be weaker...
Hey, I think NATGAS is oversold. The price has dropped some 30% from the top, partly because 2% of the US demand abruptly seized, as Freeport LNG had an explosion, and are delaying restart of the facilities. Never know what happens in this volatile market, but as long as the conflicts between Russia and the west continues, I believe NATGAS is going to continue...
INVESTMENT CONTEXT On June 9, the ECB governing council announced its intention to raise interest rates by 25bps in July; a "larger increment", possibly sized at 50bps, is envisaged for September if inflation persists For the third time this year the World Bank cut its economic growth forecast for 2022, this time to 2.9%, after January and April revisions...
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Please like and share if you appreciate this market update. We are certified Elliotticians and publish Elliott Wave counts for indices, stocks, cryptos, commodities, VIX, DXY, in weekly, daily and 4-hour timeframes. We also answer all our questions regarding Elliottwave! Cryptos are updated every day of the week and on Saturday, if necessary. Traditional assets...
Over the few first day of April, we will see or Doji (Evening star) began to form. Need to wait few confirmation signals.
FCX moving towards a finish in wave 3. Looking for a correction then final move in this impulse.
Despite slowing global growth, copper should see a rebound due to the re-start of the Chinese economy - a massive consumer of the metal.
FCX, Freeport McMoran is testing a long term resistance trend-line. Copper has been unfavorable as of late due to the slowdown in Chinese growth. China is the largest buyer of Copper in the global market. However, recently, the dollar down move has been reflationary for commodities in general, with the CRB commodities index rallying. Moreover, Chinese PMI's have...
FCX has broken the daily correction. I'm expecting a downtrend continuation. Look to the price action for a potential pullback.