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Swing Trade Idea (FCX) – December 14, 2023

Our bullish trade for Thursday, December 14th is Freeport-McMoRan Inc (FCX). FCX is part of the Materials Sector, which has performed at 3.60% over the last week, with FCX overperforming relative to its sector at 8.11% over the same period.

FCX has had a very bullish rally recently and performed at over 8% for the last week, which comes after the Federal Reserve signaled interest-rate cuts next year. As this stock has already been in a bullish trend, a continuation of the trend is most likely.

As a close, if FCX were to trade below $37 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $2.56.