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FCXO34 trade ideas

Freeport Bouncing at the 50-day SMAFreeport McMoRan has steadily rallied since the March low. Now the copper miner may be ready to break out of its longest consolidation since the surge began. One big feature on the chart is the high basing pattern above $30. It’s recently made higher lows and tried to climb up the right side of that basin. Price has also held the rising 50-day simple moving average (SMA). It previously bounced along that line in September, January and March. Next, FCX has broken a downward-sloping trendline along the February and March highs. Last week it bounced at that line, which could mean that old resistance has become new support. Copper has been one of the biggest gainers since the pandemic as years of stagnant production growth collides with a global electric build out. The red metal has been a major green-energy asset. FCX is one of the most straightforward equities to play the trend. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
NYSE:FCXLong
by TradeStation
2
a miner valued like a biotech trades at 87x, I mean, BHP trades at what ~14x. Trend is still to the upper right quadrant, been playing straddles as it zig zags in no man's land. Sold my calls before copper finally decided it wasn't the most valuable commodity in the world, have a couple puts still open, would like it to punch below it's pitchfork all things being equal post earnings it might regain it's upward momentum. But notice how it likes to sell off when the 10 year ramps up. Know why? - It trades at 87x!! wtf...
NYSE:FCXShort
by QUANDRANTS
FCX on commodities/copper risingFCX is currently sitting above a support area so we wouldn't call this the absolutely best trade. That said, maybe a 2% max trade risk on it hitting the Stop-loss while keeping in mind that other ideas are available and better. However, if it does make a strong move off support, moving the TP higher and SL to breakeven will turn an ok trade into a great Reward/Risk trade. This is also a good re-entry or a place to add to a buy and hold position for those of you that jumped on during the previous published idea.
NYSE:FCXLong
by Flightschool
2
Dr. Copper + Goldfingerlong commodities tho they're talking a breather. looking at FCX for another decent trade. The setup: thinking this downward trend in FCX continues for a few more days then touches off the bottom of this inside pitchfork, so I'm eyeing a few at the money April 16 33.50 puts, watch to see how it behaves on the 32.91 support level, if it fails there, fork model is garbage, and I'll roll these puts out another week to collect more downside. If it bounces off the bottom of the fork channel & trends back up (which I think it'll do being that FCX routinely beat earnings as of late), I'll buy some cheap out of money monthly calls -preferably before end of session Friday. Likely selling these calls early following week when they strike in the money because the S&P runs the risk of bringing down a lot of sectors if it rolls over in the coming days/weeks. The one caveat that could prop up FCX is that if gold finally stages a rally, then the two commodities could fly in the face of an S&P re-rating. We'll see.
NYSE:FCXLong
by QUANDRANTS