Dec. 25 at 1:38 PM
Actionable Trade Alert for
$FCX:
Market Context:
$FCX closed at
$51.92, showing strong momentum. The RSI at 88.19 indicates overbought conditions, suggesting a potential pullback or consolidation. However, the stock is currently above both the 30-day MA (44.53) and the 50-day MA (43.13), indicating a bullish trend.
Directional Bias: The high of
$52.29 within the last 60 days suggests resistance, while the low of
$38.19 indicates a solid support level. Given the current price is near the 60D high, a cautious approach is warranted.
Trade Plan:
- Suggested Entry:
$51.50
- Stop Loss:
$48.50 (5% below entry)
- Take Profit Targets:
1.
$54.00 (4.0% gain)
2.
$56.00 (8.5% gain)
3.
$60.00 (15.8% gain)
With a potential 15.8% ROI at the third target, this trade offers a favorable risk-reward ratio. Monitor RSI for confirmation of trend continuation.
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