P/E growing, copper sector high, stock expenses against earnings falling.
-ISM indicator of copper stength in sector.
-RISKS: GDP growth in general still high but slowing.
The PEAD projected a Bullish outlook for $FCX after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 66.67%.
Copper looks like its making strong moves and FCX is one of my top interests in the metals sector
Possible Cup and Handle with measured move targeting $68 for ~48% gain!
I think Freeport McMoRan is in a long-term uptrend and could reach $ 40 in the coming months. Rising copper / gold / molybdenum prices would significantly increase profits and accelerate target achievement.
After FCX took the key 48 Level with volume, its clear they s/r flipped it and are looking for ATH around 62. Do they get there this week? Watch to see what we think!
FCX is going to be a major beneficiary with copper breaking out (see below). This is arguably a near 15 year base it's breaking out from. Very meaningful price action here...
FCX: Original setup for "cup and handle" pattern shared on February 11, 2022 (see previous ideas) is now engaged with price action crossing threshold of 46.25. FCX has been basing on intraday and daily time frames with bull flags consistent in price action. Expect strong buying action as copper has become a sector where liquidity has seen benefits due to commodity...
the main figure was the June-December head and shoulders
confirmed by a failed head and shoulders from October to December, long entry on December 22nd
it would have taken a partial profit, until the high of May '21
at this moment it is forming a compound figure, the Cup and Handle
I would like a net close over 46.50
$FCX is gaining strength. This monthly chart is awesome. I would expect some choppiness at the trendline resistance of the bull flag and extremely long term trendline. I was buying for clients in the 30s but now will move to a 7-10% holding and will hold until it $65 minimum.
FCX: Cup and Handle setup after solid basing on weekly frame. Price action finding acceptance above key moving averages (20, 50) which are also acting as support. Volume shelf setting up for a price discovery to the upside. Breakout over 46.20 with volume is on lookout using MACD as an accessory for price action/momentum. Setup invalidated with rejection at 46.20...
FCX This great company is now up an amazing 900% from our LONG CALL At $5 We Are Now Selling - Can it get to $50 ? Sure but as J. Paul Getty so famously said "I got rich selling too early" Do your own DD Not Advice
