NYSE:FCX has had a great run following the recent commodity cycle and global volatility run-up across the commodity spectrum: oil, E&P, GOLD, and fuels.
*The Take*
In the dynamic world of international mining, Freeport-McMoRan stands out as a beacon of resilience and growth. Amidst the ebb and flow of commodity cycles and global market volatility, NYSE:FCX has...
1Y
RSI is trending down.
MFI is relatively stable sitting between the 25 and 75 range.
5Y
RSI is low and almost oversold.
MFI is trending down.
ALL
RSI is falling.
MFI is falling.
There are gaps around $5-$6.
Prediction: The indicators are bearish. We will fall towards the $5-$6 range.
For my educational purpose, not to be used as financial advice.
Reasons for bullish bias:
- Price has given triangle breakout
- Previously a bullish trend, it most likely would continue
- No divergence
Here are the recommended trading levels:
Entry Level(CMP): 43.46
Stop Loss Level: 35.72
Take Profit Level 1: 51.2
Take Profit Level 2: 58.94
Take Profit Level 3: Open
There are some great opportunities out there if you got your eyes open!
For example, what #FreeportMcMoRan is doing versus #Copper is what gold & silver #miners should be doing versus the precious metals, which they are not!
NYSE:FCX AMEX:COPX NYSE:HG #gold #silver
This trade idea assumes that the unusual range move signals a higher probability of a trend continuation, even if there is a short-term reversal. The Edge Finder software suggests that a Limit order of 44.78 on FCX with a 5% stop and a 5% target, a trade which normally has a 50% probability of winning or losing, has historically won 73% of the time in an average of 10 days
FCX has been consolidating for over a year and is building a nice cup base. On Thursday it gapped up to stay above the 50 EMA and is still holding. The bottom of this base is probably in. Great for long term swing.
I prefer to go long on NYSE:FCX because of my CAPITALCOM:COPPER expectation ( ). In 2024 growth might slow a bit but with the rate cut expectations looming, Freeport might give some buying oppurtunity as long as S&P 500 entered a bear mode. I don't expect a breakout at the key 46.50 top however. I think 2.71 R/R ratio is good enough for a trade like this.
Freeport-McMoRan (NYSE: NYSE:FCX ) has recently reported a robust performance in its fourth-quarter earnings, surpassing Wall Street estimates and revealing a 10% increase in gold production for the year 2023. This article explores the key highlights from Freeport's financial report, analyzes the factors contributing to its success, and delves into the company's...
Analyzing the options chain and the chart patterns of FCX Freeport-McMoRan prior to the earnings report this week,
I would consider purchasing the 38usd strike price at the money Puts with
an expiration date of 2024-2-2,
for a premium of approximately $1.29.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
FCX has formed and confirmed the break down of a Diamond Top pattern and looks to be preparing to come down to around $14, which would align with the 0.786 Fibonacci Retrace. I suspect many other mining stocks will also go down pretty significantly with this.
Last week I have some puts on FCX. now I look back to this stock and see the huge short potential on this underlying. Based on my estimations as soon as it can not break above the channel, it is likely to test 200 MA below
There is a shooting star on daily and then we can also see a volume reversal which might give the bears a chance to get in.
*Not financial advice
*Do your own diligence
