FCX In Potentially Explosive Intermediate-term Technical Set-up

FCX remains a potentially explosive intermediate term technical set-up, that exhibits a powerful Cup & Handle accumulation pattern for most of 2017 thus far. The "Handle" portion of the pattern been unfolding since late August, bounded by 13.60/70 (including the 200 DMA) on the low side against 15.60/75 on the high side (including the Jan.-Nov. resistance line).

The larger pattern argues for an upside breakout from the confines of "The Handle," into a powerful upleg that projects next to 17, in route to 20.00 thereafter.

That said, this is an intermediate term position that will require risking 13.50 unless and until FCX takes out and sustains above 15.60.

11 08 17 FCX Day GIF
11 08 17 FCX Day GIF

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!