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FCX Trade Update, Price Targets Revised

Upon further review of the charts, I've decided to add one additional price target to the FCX (Freeport McMoran Inc) active swing trade idea. FCX was added as an Active Short Swing Trade on March 22nd at a price of 10.95. The stock was shorted while still inside the wedge pattern as a breakdown appeared highly likely & imminent, which the stock going on to gap down the following day & close below the wedge. At that time, the sole price target of 8.10 was listed for the trade but a new first price target will be added at 8.61 with the former target now labeled at T2 and still the final price target. Previous & update 60-minute charts:

With the stock closing down at 19.2% from the entry price today, it would only be prudent to lower stops at this point to protect profits. The official stop for this trade will be lowered from 11.90 to any move above 10.30 (of course, use a lower stop if that is your preference). Also note that depending on how the charts of industrial & precious metal stocks look if/when Freeport approaches the new T1, I may decide to officially close the trade out with T1 (8.62) as the final target

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Apr 7, 2016 7:44pm|Categories: Completed Trades - Short|Tags: |3 Comments

3 Comments

  1. Gaucho May 4, 2016 7:48 am at 7:48 am

    Hi Randy, FCX peak at 14 and now is going down.
    Assuming that it is an active trade, do you recommend any reentry point now?
    Regards

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  2. rsotc May 4, 2016 8:44 am at 8:44 am

    @Gaucho I had posted that FCX was stopped out in this post on April 25th although I must have missed this particular post when I manually re-categorized the posts associated with this recent FCX trade as Completed Trades: http://rightsideofthechart.com/fcx-stopped-out-avgo-entry-triggered/?no_frame=1

    With that being, said, @myrightside had also asked about it yesterday, likely having seen this same post that was mistakenly left assigned to the Active Short Trade category. My reply below (before I realized that I already did post it as stopped out):

    rsotc replied 21 hours, 28 minutes ago
    Now that you mention it, I realize that I never posted it as being stopped out as it had exceeded the most recent (revised) suggested stop. With that being said, I think FCX is heading much lower & if I were short now, I would set a stop not far above the top of today’s gap, say around 13.65, while targeting at least the 10.30 level. In fact, after I get a minute to update the previously stopped out long trade, I might add FCX back as a new Short Trade. G-luck if you’re short or if you take it.

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  3. Gaucho May 9, 2016 10:14 am at 10:14 am

    Hi Randy, I stopped out at 10.60 today.

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