Freeport in Freefall?
Freeport-McMoRan has struggled since the spring and some traders may see risk of further declines.
The first pattern on today’s chart is the series of higher highs and higher lows since early August. The copper miner fell through the bottom of that channel on Tuesday, creating a potential bear-flag breakdown.
Second is the zone around $43.30. It was a high in December and important breakout level in March. FCX recently tried to hold this support area but yesterday tore through it.
Third, the breakdown is occurring around the 200-day simple moving average. That may suggest that a longer-term uptrend is ending.
Speaking of the long run, the price action between April and July could be viewed as a top. Not only did FCX fail to break above its 2022 peak. It also formed a potential head-and-shoulders reversal pattern.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on today’s chart is the series of higher highs and higher lows since early August. The copper miner fell through the bottom of that channel on Tuesday, creating a potential bear-flag breakdown.
Second is the zone around $43.30. It was a high in December and important breakout level in March. FCX recently tried to hold this support area but yesterday tore through it.
Third, the breakdown is occurring around the 200-day simple moving average. That may suggest that a longer-term uptrend is ending.
Speaking of the long run, the price action between April and July could be viewed as a top. Not only did FCX fail to break above its 2022 peak. It also formed a potential head-and-shoulders reversal pattern.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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