September 11th 2007
Swing Trade - Long FCX Entry: 92.15 Stop: 86.50 Target: 107.00
Tonight’s trade is brought to you by FCX. FCX has run up after bouncing of its 200 SMA. The stock flirted with it’s 50 day SMA then retreated. FCX is now over it’s 50 SMA, forming a base and is poised to move higher.
Now the negative. The stock isn’t exactly consolidating at all time highs. When it does move, there will some resistance all the way to 100. Numbers that end in zero have the tendency to act has resistance/support so I wouldn’t be surprised to see FCX bounce off 100 again. If 100 is cleared, I’ll let my stops kick me out, but I’ll most likely be looking to exit around 107.
The chart…
If you like this post, then consider subscribing to my full feed RSS feed. You can also Subscribe to A Trade A Day by Email and have new posts sent directly to your inbox.
2 Comments »
A Trade A Day » Making money with Sectors. on 18 Sep 2007 at 7:20 pm #
[...] my trade in FCX is going really well. The stock is on a tear and I’ll be taking partials very [...]
FCX Trading Idea | A Trade A Day on 01 Nov 2007 at 2:05 am #
[...] for me to take a close look at FCX again. I originally featured a FCX trade on 9/11/07. The entry price was 92.15. What a difference a month and a half can make. FCX is [...]