Stock Analysis:- Today’s best swing trade idea for July 20, 2024, is Freeport-McMoRan (FCX).
Trade Details: Date: Friday, July 19, 2024 Closing Price: $45.90
On the monthly time frame, the stock price is trading in a downtrend, creating lower lows (LL) and lower highs (LH). Freeport-McMoRan (FCX) has retraced to a major old supply (resistance) zone and is currently within a rising wedge pattern. On the weekly time frame, the price has just collected stop losses around the $52 level.
We have two scenarios:-
- The price will drop to the rising wedge trendline around the $40 level, then reverse to the previous high and complete the rising wedge pattern.
- If the price breaks and closes below the trendline, it will likely reach the $25 level.
Note: If the price breaks above the $54 level, this sell setup will be invalid.
Sell Swing Trade Ideas:-
Entry Price Range: $45-$50
Stop Loss (SL) Price: $54
Target 1: $41
Note: Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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