Didn’t see any mention relating to this yet. Ended up taking notice of it from the Option Bot earlier today and a few comments about it two days ago in VC.
FCX is a Mining Company who primarily mines in both copper and gold in Phoenix, Arizona. Their earnings are out April 20th and from the looks of their daily chart, has potential to at least make it to 50 before then.
There may still be more downside today and tomorrow given Market conditions, but I think getting Call options early next week will be a good opportunity to swing this with premiums.
It’s under requests since I have very little DD outside of the chart’s daily looking like an uptrend.
FCX is one of the plays me @Jekyll_and_Hyde and @TheMadBeaker talk about. As a sector I am fairly bullish and FCX chart looks pretty good. The main thing I would want to see moving forward this week is SPY relationship and the upcoming possible bank earnings that can affect macro conditions.
FCX is trading at the bottom of its ascending channel. Keep in mind this is a VERY steep channel and probably not sustainable long term. That said I am still kicking myself for not buying heavy at $44 in mid MAY, I have had that channel drawn for a couple months since it busted out of my old channel in January.
