FCX - Long with the trendFCX has been in an uptrend. Everytime price retraces to the dynamic support, it's time to buy. First target at 36 and second at 38. Stop under the hammer.
FPMB trade ideas
FCX - Long on Double bottomOut of all the double bottoms I posted recently, this is the trade that seems most unlikely (I explained why on the chart). I decided to post this even if I'm not that confident because the divergence is obivious and we had a gap up at the open.
My stop is under the last low at 30.40$ and my first target is at 34$ round level, at previous resistance and 50% fib. Final target, which i think is unlikely is at 38$.
Double top pattern almost complete. Waiting for confirmation. This stock has tanked as well. I believe that this stock is due for a pullback due to its price being over the 200 SMA and the S2 pivot point. My price entry would be at the neckline once the pattern has been confirmed. Price target is at $29.23 where the 76.4% fib level is located. Stop-loss is located under the previous highs at a previous support level.
For full article go to: fonzotrader.com
Follow me at twitter! @fonzotrader
Waiting Patiently for FCX PullbackThis is a simple price and volume plan to buy a pullback of Freeport-Mcmoran (FCX). The key is to patiently wait for a test of the high volume breakout that occurred September 2013, using the previous high volume price move to set a stop loss level.
Freeport: Flashing LongTechnical developments point to a brightening picture
- Shares completed a double bottom reversal on the main ascending trend line for the bullish trend.
- Shares broke the descending reisstance for the recent correcion
-Shares settles back above the 50-days SMA
-Main target at 38.00 and probably higher
FCXWait to see if Price gets a bounce off of Support. Top of Kumo. Interesting Price action. It's a HOLD.
FCXLooks bullish as it has broken out of macro symmetrical triangle pttn......1st tgt.=39 level which is the 38% Fib ret. from the 01/11' macro downtrend & 2nd tgt.=43 level which is the 50% Fib.
Correction time for FCXThe miners have had a nice bounce recently but none of them can compare to the apparent trend reversal for Freeport Mcmoran (FCX). The great run that started in late June has left many investors behind, causing them to watch with envy and hope for a pullback to buy. Such a pullback could be right around the corner as FCX is coming up on overhead resistance as well as forming an exhaustion peak 5.
If the price does form a short term high, look for an AB=CD pattern down to 34 (strong support). It would also be a 0.382 retracement of the overall bull market move and, if volume dries up, represents an excellent entry point for this leader in the mining sector.
