FCX trade ideas
McMoran signals goin' north ? Freeport McMoran has completed a pennant pattern, while found it's short-term support. It has also kept its track on the long-run support trend line. Copper price is also keepin' it up.
It just seems like a good time to start buying, ain't it?
Freeport & McMoran: daily chart reminds to same pattern seen in Hereby You can find the same pattern on FCX seen during september /october 2016. Same consolidation after a strong rally. Next stop probably above 17$
FCX - Sweet Spot- Currently the stock is sitting near the 50% retracement level (sweet spot to start buying for a second wave)
- Bullish crossover on the 50 & 100 SMA
- Bull flag pattern should be coming to and end
Will be watching for 2 scenarios:
#1) a bullish breakout above 14.60
#2) bounce off nearest resistance at 13.85
FCX- Looks Short To MeOn daily FCX chart, you see where all MOVING AVERAGES converged at (20, 50 & 200). This tells you, when price action breaks, will continue in that direction. Lows on chart is around $9.50, so $10.00 would be a great area for bullish trading and when price action closes above 20 ma. This is a basic materials a lot of volume traded and a market cap of 16.5 Billion. As always, do research and if this fits your STRATEGY , might be something for you to trade.
Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as oil and gas. The company's portfolio of 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 and El Abra mines in South America. It also operates a portfolio of oil and gas assets comprising oil and natural gas production onshore in South Louisiana; and on the GOM Shelf and oil production offshore California, as well as natural gas production from the Madden area in central Wyoming. As of December 31, 2016, the company's estimated consolidated recoverable proven and probable mineral reserves totaled 86.8 billion pounds of copper, 26.1 million ounces of gold, and 2.95 billion pounds of molybdenum, as well as estimated proved developed oil and natural gas reserves totaled 18 million barrels of oil equivalents. 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.
ONE MORE BIG HURDLE FOR FCX LONGTwo recent upside breaks of powerful support/resistance zone ($13-13.11), both on strong volume, solidifying $13 as a relative floor for now. Strong move through $14 leaves blue skies all the way to $16.
After Big Profit Prediction On $FCX, Here Is The Next Money MakeJust a month ago, I stated that Freeport-McMoRan Inc (NYSE:FCX) would bounce off a gap fill stock chart support at $12.15 and bounce sharply higher. This was a quick trade. Sure enough, within days, Freeport-McMoRan jumped from $12.15 to closed to $14.00. This was a beautiful trade worth 15%. Since then, Freeport-McMoRan has started to fall again, back to the $12.15 level. While it is support, this is just a minor level. Instead, the next big buy level is $11.15. Smart investors and stock traders should be ready to pounce on Freeport-McMoRan here. This will be the next big bounce, likely as much as 20%.
IS THE RECENT FCX HOURLY BREAKOUT SOMETHING BIGGER?Recently highlighted a successfully retested breakout on the fcx hourly chart, but expanding to the larger time frame reveals that this breakout may represent resumption of a larger bullish structure. New targets of $14.80 and $16.50 added.
Light at the End of the Tunnel for FreeportThe Grasberg mine dispute cannot hold Freeport-McMoran bulls forever
