Freeport-McMoRan (FCX)
By Thu, Mar 17, 2022
Hey,
Freeport-McMoRan is ready to make another run.
This stock has been on fire recently, and I see it breaking out again — if it can stick above 45.
Freeport is heavy in the metal space, which is going crazy with supply shortages sending prices skyrocketing.
But Freeport is mostly working out of Latin America — which doesn’t have the same issues we’re seeing in European supply today.
If and when Freeport crosses above 45, I see it zooming up to 70 in short order, for about a ~60% gain.
Of course, you can grab even larger gains using option calls.
Just don’t do anything until FCX hits the magic 45 level!
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
