Best of the Week
Most Popular
1. Climate Change Mass Extinction - Birds, Bees and Bugs: Going Going Gone - Richard_Mills
2.A Purrrfect Gold Price Setup! - Peter_Degraaf
3.Who Finances America's Borrowing? Recession Indicator for Independent Thinkers Part 2 - F_F_Wiley
4.America’s One-sided Domestic Financial War - Raymond_Matison
5.Gold Price Summer Doldrums - Zeal_LLC
6.Two Key Events Will Unleash Gold - Jim_Willie_CB
7.Billionaire Schools Teacher in NAFTA Trade Talks - Richard_Mills
8.Get Out Of Crypto Cannabis Bubble Before It Pops and Move Into Bargain Basement Miners - Jeb_Handwerger
9.Stock Market Could Pullback for 1-2 weeks, But Medium Term Bullish - Troy_Bombardia
10.G7 Chaos, Central Banks and US Fed Will Drive Stock Prices This Week - Chris_Vermeulen
Last 7 days
SPX/Gold, Long-term Yields & Yield Curve 3 Amigos Update - 22nd Jun 18
Gold - How Long Can This Last? - 22nd Jun 18
Dow Has Fallen 8 days in a Row. Medium-long Term Bullish for Stocks - 22nd Jun 18
Trouble Spotting Market Trends? This Can Help - 22nd Jun 18
Financial Markets Analysis and Trend Forecasts 2018 - A Message from Nadeem Walayat - 21st Jun 18
SPX Bouncing Above Support - 21st Jun 18
Things You Need To Know If You Want To Invest In Bitcoin Now - 21st Jun 18
The NASDAQ’s Outperformance vs. the Dow is Very Bullish - 21st Jun 18
Warning All Investors: Global Stock Market Are Shifting Away From US Price Correlation - 20th Jun 18
Gold GLD ETF Update… Breakdown ? - 20th Jun 18
Short-term Turnaround in Bitcoin Might Not Be What You Think - 19th Jun 18
Stock Market’s Short Term Downside Will be Limited - 19th Jun 18
Natural Gas Setup for 32% Move in UGAZ Fund - 19th Jun 18
Magnus Collective To Empower Automation And Artificial Intelligence - 19th Jun 18
Trump A Bull in a China Shop - 19th Jun 18
Minor Car Accident! What Happens After You Report Your Accident to Your Insurer - 19th Jun 18
US Majors Flush Out A Major Pivot Low and What’s Next - 18th Jun 18
Cocoa Commodities Trading Analysis - 18th Jun 18
Stock Market Consolidating in an Uptrend - 18th Jun 18
Russell Has Gone Up 7 Weeks in a Row. EXTREMELY Bullish for Stocks - 18th Jun 18
What Happens Next to Stocks when Tech Massively Outperforms Utilities and Consumer Staples - 18th Jun 18
The Trillion Dollar Market You’ve Never Heard Of - 18th Jun 18
The Corruption of Capitalism - 17th Jun 18
North Korea, Trade Wars, Precious Metals and Bitcoin - 17th Jun 18
Climate Change and Fish Stocks – Burning Oxygen! - 17th Jun 18
A $1,180 Ticket to NEW Trading Opportunities, FREE! - 16th Jun 18
Gold Bullish on Fed Interest Rate Hike - 16th Jun 18
Respite for Bitcoin Traders Might Be Deceptive - 16th Jun 18
The Euro Crashed Yesterday. Bearish for Euro and Bullish for USD - 15th Jun 18
Inflation Trade, in Progress Since Gold Kicked it Off - 15th Jun 18
Can Saudi Arabia Prevent The Next Oil Shock? - 15th Jun 18
The Biggest Online Gambling Companies - 15th Jun 18
Powell's Excess Reserve Change and Gold - 15th Jun 18
Is This a Big Sign of a Big Stock Market Turn? - 15th Jun 18
Will Italy Sink the EU and Boost Gold? - 15th Jun 18
Bumper Crash! Land Rover Discovery Sport vs Audi - 15th Jun 18
Stock Market Topping Pattern or Just Pause Before Going Higher? - 14th Jun 18
Is the ECB Ending QE a Good Thing? Markets Think So - 14th Jun 18
Yield Curve Continues to Flatten. A Bullish Sign for the Stock Market - 14th Jun 18
How Online Gambling has Impacted the Economy - 14th Jun 18
Crude Oil Price Targeting $58 ppb Before Finding Support - 14th Jun 18
Stock Market Near Another Top? - 14th Jun 18
Thorpe Park REAL Walking Dead Living Nightmare Zombie Car Park Ride Experience! - 14th Jun 18

Market Oracle FREE Newsletter

5 "Tells" that the Stock Markets Are About to Reverse

Freeport McMoRan (FCX) Outlook Turning Bullish

Companies / Company Chart Analysis May 02, 2017 - 08:40 AM GMT

By: ElliottWave-Forecast

Companies

Freeport McMoRan Incorporation (NYSE: FCX) is the world’s largest publicly traded copper and molybdenum producer and it’s also a major producer of gold but almost 70% of revenues are from the sale of copper. The Phoenix, Arizona-based companyis primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.


In the recent 2 months,  Freeport’s shares dropped 27% as it had interrupted the production in Grasberg mine which is the largest gold mine and the third largest copper mine in the world because of a regulatory restrictions  in Indonesia on its copper concentrate exports. However,  the company recently announced that the matter was resolved as it’s looking to protect and support its past & long-term investment plans in Indonesia and it’s now resuming exports of copper concentrate from. The recent actions helped its stock to bounce, but the move is still weak so let’s take a look a the technical picture using Elliott Wave Theory.

FCX Elliott Wave View

Weekly Chart: FCX did a double three structure from both 2007 & 2011 peaks and managed to reach both equal legs target at $9.15 & $4.16 with 7 swings already in place before finding a bottom early last year. Since then the stock managed to rally and it both cycles from the peaks already ended even the price level still didn’t break above the descending trend-line . Consequently the sentiment for the stock is turning bullish and it should be looking for a bigger 3 waves correction toward the 50% area around $32.

Daily Chart: The stock is showing 5 swing bullish sequence from January 2016 low and will remain supported as long as October 2016 low keeps holding. Currently it ended a flat correction in wave ((X)) and would ideally resume the move to the upside looking for a target at equal legs area 19.82 – 22.24 to end 7 swings sequence around the weekly trend-line and start a 3 waves pullback.

The short term turn around for FCX would happen if the stock has already ended the cycle from January 2016 low, in that case it will be only doing 3 waves bounce against the peak before another leg lower take place toward the 50%-61.8% Fibonacci area around $10.3 – $8.71 then the stock find buyers again as long as pivot at 3.52 is holding.

Recap:

The mining giant Freeport McMoRan is in a good financial shape despite the Grasberg mine issue in Indonesia and the technical outlook for its stock is turning to the upside as long as the 2016 low at $3.52 keeps holding. This means unless the company go bankrupt then no matter what path it will take in the near term, it will end up bouncing to higher level around $20 at first stage either from current levels or from $10 area then it will be looking to extend toward $33 later on.


For further information on how to trade forex, indices, commodities and stocks using Elliott Wave theory , take this opportunity and Try our services 14 days for FREE . You will get access to our 52 instruments updated in 4 different time frames, Live Trading Room and 2 Live Analysis Session done by our Expert Analysts every day, 24 hour chat room support and much more.

By Ayoub Ben Rejeb

https://elliottwave-forecast.com

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup .

Copyright © 2017 ElliottWave-Forecast - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules