By Mill Chart
Last update: Aug 10, 2023
Our stock screener has detected a potential breakout setup on FREEPORT-MCMORAN INC (NYSE:FCX). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:FCX.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Taking everything into account, FCX scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, FCX has proven to be a steady performer, scoring decent points in every aspect analyzed.
Check the latest full technical report of FCX for a complete technical analysis.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:FCX this score is currently 8:
Besides having an excellent technical rating, FCX also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 42.42, a Stop Loss order could be placed below this zone.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
NYSE:FCX (12/8/2023, 7:04:00 PM)Premarket: 38.01 -0.14 (-0.37%)
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EQNX::TICKER_START (NYSE:FMC),(NYSE:LTHM),(NYSE:FCX),(NYSE:CMP),(NYSE:RIO) EQNX::TICKER_END
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