TopOptionAlert
Oct 25, 5:18 PM
$FCX NOV20 67C · actionable here
Zone:
$64.72 to
$65.64
Invalidation: close under
$64
Objectives:
$69, then
$73
The math: up 5.9% to the first objective and 12.0% to the second, against 1.8% risk on the invalidation, better than 6 to 1 to the second.
Copper is the tide that lifts every boat in this harbor, and Freeport is the biggest boat in it. The metal just pulled back from record highs and dragged the stock down with it, but on Friday the shares caught themselves right where they have averaged over the past 200 days and finished higher, which is the kind of quiet footing a swing trade wants to see. If copper steadies from here, the path back toward the old trading levels is wide open, and this setup gives it room to run without needing a hero move on day one.
P.S. Barclays just raised its target on the stock to
$84, a long way above the Friday close.
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