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FREEPORT-MCMORAN INCFREEPORT-MCMORAN INCFREEPORT-MCMORAN INC

FREEPORT-MCMORAN INC

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FCXCL trade ideas

FCX getting near resistance, time to sell?So FCX has been on an incredible run, so the question becomes when is a good time to sell and wait for a possible retrace. We are currently getting close to a confluence of resistances, so I wanted to highlight this as a possible good selling point. First of all there is the long term downward trendline that is currently around 17.5-18 (depending on how you draw it). Then there is a long term high resistance area coming up just above as well. My money is on FCX being stopped in it's tracks at this level. It would at least give you a high probability cheaper entry after selling. And finally, looking for a buying entry after retrace I see 2 scenarios: GREEN: We simply consolidate for a while before breaking the trendline and continuing up. ORANGE: We do a retrace to the 0.5 (or 0.618) fib and we retest the previously broken trendline.
NYSE:FCX
by duco1
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.
NYSE:FCXLong
by theAlchemist4x
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.
NYSE:FCXShort
by gregg1972
2
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.
NYSE:FCXShort
by gregg1972