Freeport-McMoRan Inc. (FCX) stock is expensive, as reported by the financial analysis website Simply Wall St., based on its ratio of Price-To-Earnings which is 26.8x compared to the estimated Fair ratio of Price-To-earnings which is 22.3x and compared to the average of the US Metals and Mining industry which is 13.7x.
At press time, Freeport-McMoRan stock price was $39.26 with an intraday minor gain of +0.95% trading below the major EMAs, showing that bears are in control over the charts. Moreover, the intraday trading volume of FCX is 9.647 Million less than the 10-day aggregate volume of 9.867 Million.
The price action shows that Freeport-McMoRan Inc ( NYSE: FCX) stock price took support from a low of $33 on May 22nd and made higher highs and lows with continuous breaks of structure till $44. It was following the trendline sharply in its upward rally of almost 35% by August 1st.
Thereafter, the FCX stock price faced rejection at a high of $44 and the price declined and reached 23.60% Fibonacci level around the price of $42 but failed to sustain and the price declined further by giving a breakdown from the trendline and trying to sustain 50.00% Fibonacci level at around $39.
However, the stock broke the previous swing low at around 38.20% Fibonacci level and we noticed a change of character in the market structure of FCX stock.
Moreover, the stock price is trying to sustain at the order block or demand zone where orders are present and waiting to be triggered. If it stays unmitigated then the price might rebound or if mitigated then the order block will be destroyed. It might consume liquidity below the order block and may fall sharply by making a new downtrend break of the structure by making lower lows and highs and reaching nearby 61.80% and 78.60% Fibonacci levels.
Therefore, If Freeport-McMoRan fails to maintain its current level, the FCX price could continue to drag downwards and hit the nearest support levels around $37.23 and $34.90.
Alternatively, if the stock price sustains the current level and Freeport-McMoRan’s price increases, then it might reach the nearest resistance levels of $42.15 and $44.70.
Technical Analysis of FCX Stock Price in 1-D Timeframe
At the time of publishing, Freeport-McMoRan Inc. (NYSE: FCX) is trading below the 20 and 50 EMA which is rejecting the price and hints at weakness over the daily time frame. As per the investor’s negative sentiments, if more selling volume adds up in the FCX stock then the price might conquer support levels and we may observe a continuation streak of multiple break of structures.
RSI indicates bearishness for FCX price and the current value of RSI is 40.81 points. The 14 SMA is below the median line at 45.43, it’s noticed that RSI deflected downwards from 14 SMA.
MACD indicates a bearish crossover for FCX price, the MACD line at 0.6027 and signal line at 0.1490 which are below the zero line. Both lines have crossed each other which expresses bearish hints for the Freeport-McMoRan stock price.
Summary
Freeport-McMoRan Inc. (NYSE: FCX) stock prices are bearish on the 1-D time frame. The price action for FCX price predicts a bearish outlook at the time of publishing. The technical analysis tools of Freeport-McMoRan stock price also support bearish hints. The EMA, RSI, and MACD highlight downward hints in the FCX share price. The traders and investors also indicate negative sentiments.
Technical Levels
- Support levels: The nearest support levels for FCX price are $37.23 and $34.90.
- Resistance levels: The nearest resistance levels for the FCX price are $42.15 and $44.70.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/24/fcx-stock-forecast-can-nyse-fcx-fall-continue-or-over-soon/