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It’s Friday the 13th, I hope to make it a lucky day for you! Going forward, once a week I am going to share the Power of the Patterns FTD (Free Trade of the day)!
This weeks idea is FCX. Current conditions – FCX is down over 50% in less than a year. It hit a cluster of support the first of this year and remains inside of a steep falling channel. Of late it may have formed a small bullish inverse head & shoulders pattern at (1).
A breakout of resistance at (1) has the potential to be a positive event. Owning this with a stop just below current prices in the play the pattern is suggesting.
Full Disclosure…Premium Members are long FCX at this time, with a stop just below current prices.