Swing Trade Idea (FCX) – August 10, 2021
Our bullish trade for Tuesday, Aug 10th is Freeport McMoran Inc (FCX). FCX is part of the Materials Sector (XLB). FCX has experienced a 0.11% decline in the last month and its’ 1M trend turned bullish on August 6th.
FCX has started to reverse after forming a higher low following a 3 month pullback. With a technical score of 8 (out of 10), FCX is a strong stock that will likely continue higher.
As a close, if FCX were to trade below $35 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves below $1.09.
