Example of Applying the"POWER OF THE PATTERN" to (FCX)
I am honored by your continued interest in my research.
Below is an example of applying the Power of the Pattern to an asset that I monitor and suggested our Premium, Sector/Commodity and Metals subscribers take action to buy back in May. I hope you find the information helpful toward improving your decision-making and results.
We closed out the majority of the position near resistance.
We suggested a purchase of Freeport McMoran Corp (FCX) on May 19, 2017
FCX was hit hard since early 2017, losing nearly a third of its value (1st chart below). This decline had FCX testing dual support, and at the apex of a bullish falling wedge.
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Chart below also reflects that Copper has historically been at a low for the year around the first of June.
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Freeport held support and broke out of the weekly falling wedge pattern, rallying as much as 28% over the next several weeks. We closed out the majority of the position near blue resistance line.
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Comparing FCX to the broader copper index and S&P 500, I attempt to identify assets with potentially greater relative strength to the index or peers
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All the best, Chris
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