QuickTrade 188 : FCXIn case of break...
Long, looking for a positive test of the 21h on the 50h with a move to previous highs
Short, looking for a bearish cross with a move to the gap left open.
FCX trade ideas
Industrial Metals: Copper the king of green metals!I have a long-term positive outlook on the industrial metal sector given the increase in demand towards the electrification of the world.
I expect a dampening in shorter-term prospect however a renewed surge to fresh record high's in the new year by miners around the world, most notably from Central and South America as well as Africa.
This will lead to copper gaining momentum due to electrification of the world (Less dependency on Russia). Massive amounts of new copper is needed in the years ahead for the power grids to cope, we are already seeing producers like Chile, the world’s biggest supplier of copper, struggling to meet production targets. China’s slowdown is viewed as temporary and the economic boost through stimulus measures is likely to focus on infrastructure and electrification—both areas that will require industrial metals.
I have chosen Freeport-McMoRan Inc. as my trade idea, often called Freeport. Freeport is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, is a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia. FCX is looking strong with a strong financial situation and growing Inventories at good levels. Copper demand is increasing, electrification around the world will continue into the future.
Short idea #1Hey, I think FCX drops, and significantly so. I'm not shorting yet, but I'm posting my idea ahead of time. I WILL short this when SPY hits $390
$FCX with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $FCX after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 100%.
FCX - Another Simple ShortFCX appears to be resuming the dminant trend into the next wave down after falling out of this corrective ascending channel.
Topped at log 0.382 retracement from the top - very typical for a weak correction connecting 2 impulsive waves.
Also topped printing a shakeout reversal pattern through 4H200MA and also fell through 4H50MA to print a heavy momentum candle to confirm trend change.
It may drift or fall - its hitting the 50DMA as support today so could be a bounce perhaps to re-test the lower trendline.
But this one has a long way down (I think).
Not advice.
FCXA Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.
This bullish pattern can be seen on the following chart
$FCX with a Bearish outlook following its earnings #Stocks The PEAD projected a Bearish outlook for $FCX after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 66.67%.
FCXThe technical pattern is easy to understand the initial shock to lower prices in the $34 area bottom and the bounce off the bottom and now we must digest.
The fundamental analysis is also very easy to understand, with recession we see lower copper demand and hence prices.
B ut we are dealing with the largest copper miner in the world and we should have expected the drop and when the turn came we should have bought. We should ride the trend until the MA crosses over.
Buy $FCX - NRPicks 24 JunFreeport-McMoRan Inc. is engaged in the extraction 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.
Freeport McMoran Strong Future PositionFreeport-McMoRan's relatively strong position
significant producing assets in the U.S.
and Indonesia and expansion opportunities
puts it in a somewhat stronger position. In short,
the outlook for copper prices is good
They are forecasting steady annual sales growth.
2023 is expected to be an even stronger year than 2022, and
2024 is expected to be weaker but still stronger than 2021.
This provides a runway for significant sales improvement
for the company and continuous income for the company in the upcoming years
Wyckoff Accumulation Schematic CompletingWyckoff Accumulation Schematic -- What follows?
Distribution. We can expect a distribution period followed by a markdown. Shed profits and prepare to enter short positions.
FCX: Completing Wyckoff Accumulation…What generally follows? Distribution.
Setting up my position to expect a markdown in the midterm. Take not of the timeframe and this years long process of accumulation; institutions play the long game!
FCX:longterm upchannel & shortterm downchannel; bounce soonFCX is the largest copper producer & copper is very impt to the economy. It is making a longterm upchannel & a shortterm downchannel & the 2 will cross path soon at their lows somewhere below 40.
Below 40 will be a great place to start accumulating & then trade the range between 40 & 50.
Geopolitical tensions & China lockdown may drive price below 40 temporarily but demand will soon kick in.not trading advice
FCX broke out of the cup and handle patternNYSE:FCX broke out of the cup and handle pattern and is now flagging above the neckline. Long the break out of the flag or any pullbacks toward the 50 MA, anticipated price action and targets are shown on the chart. Stop daily close below 46$.
Hit the like button please if you find this useful :)
This is only my own view and not financial advice, do your own analysis before buying or selling
Happy Trading!
$FCX with a Bearish outlook following its earnings #Stocks The PEAD projected a Bearish outlook for $FCX after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 75%.
$FCX trade ideaFreeport Morgan is a company that mines for Copper.- Copper miners are poised to benefit the most from the mismatch between mine supply and demand over the next decade, Jefferies says. The market is valuing these companies based on the assumption that we are now at a cyclical peak, but the bank believes that we are in the early stages of a structural bull market, reflecting a lack of supply growth in the industry and demand growth from renewables and electric vehicles. "This is a multi-year story that will gradually play out. Freeport , First Quantum, Glencore and Antofagasta are all highly leveraged to the price of copper and should benefit," Jefferies says.
Bullish options activity has been detected for the July dates on 55 and 60 strikes which is a very large move to the upside for this company.
The Technical setup is a clean cup and handle on the daily time frame with price currently consolidating above the breakout. Targets are 54, 58, and 60.
OptionsSwing Analyst
Daniel Betancourt
Freeport-McMoRan LONG (3 months)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.
ANALYSIS ON FCX/ UPTRENDOn this stock we have a good spring effect on the vwap indicator. So, with this good spring effect the market will go up absolutely!!!! Thanks...
$FCX with a Bullish outlook following its earnings #Stocks 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%.
The big 8 #commodities #metalsSome of the biggest players in the industry. A great indicator for overall movement & liquidity
FCX Cup and Handle? Targeting $68 for ~48% gain!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!
