One of the many benefits of MarketClub is having a great network of traders who use our service and share their ideas. This particular stock idea came from Harold, who has been a member of MarketClub for several years. Harold shared his stock idea with other members of our Member Blog yesterday.
This morning, I decided to take a look at Harold's stock idea, Freeport-McMoRan (NYSE:FCX). What immediately caught my attention was the rhythmic nature of this stock and how it almost performed like clockwork.
1. RSI indicator
2. Downtrend line and breakout
3. Major low established after trend line breakout
4. First cyclic low, 28 days after major low
5. Second cyclic low, 23 days after previous low
6. Third cyclic low, 28 days after previous low
7. Potential fourth cyclic low, 26 days after previous low
8. Potential upside target $40 Continue reading "Like Clockwork, Freeport-McMoRan (FCX)"