By Mill Chart
Last update: Dec 9, 2022
FREEPORT-MCMORAN INC (NYSE:FCX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and 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.
We assign a technical rating of 8 out of 10 to FCX. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FCX is only an average performer.
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 9:
Besides having an excellent technical rating, FCX also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 39.95. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for FCX in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.
Of course, there are many ways to trade or not trade NYSE:FCX and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
FREEPORT-MCMORAN INC
NYSE:FCX (4/17/2024, 4:18:39 PM)
After market: 49.89 +0.07 (+0.14%)49.82
+0.41 (+0.83%)
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