24Nov12:03 amEST

Late Night Strategy for Monday

Night_of_Noir_II__Femme_Fatale_by_maeleo2049 Major copper miner (with some gold exposure) Freeport-McMoran saw a nice gap higher on Friday from beaten-down conditions dating back to the stock's swoon, beginning in July. On the weekly timeframe, below, you can see the pair of bottoming "hammer" reversal candlesticks printed back in June 2013 as well as earlier this month. Freeport is typically a late-stage bull market mover, and may very well have more upside into year-end to relieve the oversold conditions, perhaps up to $33 or so. A stop-loss under $28 makes sense. Also keep an eye on SCCO, another copper miner, to see if that stock continues to show signs of renewed buying interest from its own correction. Elsewhere, IMAX over $31 may be a holiday-week short squeeze play on the long side. ____________________________________ FCX

Weekend Market Film Session ... Potential for CREE-mation


This website is intended for educational purposes only. | © 2023 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site