Thursday, January 20, 2011

FCX - Measured (bull) Move Over?

Freeport caught my eye recently and as the title of this post indicates a possible measured bull move. The first chart up is a 10year weekly view of Freeport.

Now a closer view still on a weekly basis.

Okay the first leg up is worth 73.31 (88.63-15.32). 
We then take this number and add it to the low point of the consolidation of which was 55.53 to get a target of 128.84. FCX just hit 122.69 late last week. 

Is the move over and a top in? Who knows given the tricks and games 'da boyz' like to play.

I would like to see a rally into the underside of the large black channel that encompasses the entire move up, represented around 115. Ironically where we closed last night and gapped down thru this morning. You could argue for a head and shoulders on the 30 minute chart which broke the neckline yesterday around 117.5 but I digress.

FCX is definitely worth watching close for sure.

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit U.S. Dollar Bull ticker UUP @ $22.56 stop @ $21.44
Long 1 unit Powershares Gold Dbl Short ticker DZZ @ $8.38 stop @ $7.84

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