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Hawk’s Nest

Base Metal Leader Forms Bull Reversal with Aggressive Call Buying

by | Sep 19, 2022

Freeport (FCX) strong action today in the Materials sector with buyers of 8000 November $35 OTM calls $1.17 offer and the stock putting in a bullish candle back into monthly value area as a larger triangle forms on the daily cahrt the past few months. FCX has its 200 EMA at 35 which would be a good target on the upside if a break above the monthly VPOC at 30.75 can confirm strength. Using todays lows as a stop makes managing risk simple from todays reversal candle.