Freeport-McMoran Stock Forecast
Freeport-McMoran stock price ended at $49.40 on Thursday, after gaining 2.40%.
(Updated on Apr 25, 2024)
The Freeport-McMoran stock price gained 2.40% on the last trading day (Thursday, 25th Apr 2024), rising from $48.24 to $49.40. During the last trading day the stock fluctuated 3.48% from a day low at $47.99 to a day high of $49.66. The price has been going up and down for this period, and there has been a -2.64% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 16 million shares were bought and sold for approximately $782.66 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 37.36% during the next 3 months and, with a 90% probability hold a price between $62.73 and $74.38 at the end of this 3-month period.
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FCX Signals & Forecast
The Freeport-McMoran stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $49.17 and $46.88. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -3.70%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Freeport-McMoran stock
Freeport-McMoran finds support from accumulated volume at $49.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.67 between high and low, or 3.48%. For the last week, the stock has had daily average volatility of 3.19%.
Our recommended stop-loss: $47.13 (-4.59%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (FCX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Freeport-McMoran Inc to open at $49.02, and during the day (based on 14 day Average True Range), to move between $47.86 and $50.94, which gives a possible trading interval of +/-$1.54 (+/-3.11%) up or down from last closing price. If Freeport-McMoran Inc takes out the full calculated possible swing range there will be an estimated 6.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $49.41 (0.02%) than the support at $49.18 (0.45%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Freeport-McMoran Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Freeport-McMoran stock to perform well in the short-term.
Current score: 2.243 Buy Candidate Unchanged
Predicted Opening Price for Freeport-McMoran Inc of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$49.02 ( 0.776%) | $49.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FCX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 50.69 | 2.60 % | |
R2 | 50.05 | 1.31 % | ||
R1 | 49.65 | 0.515 % | ||
Current price: | 49.40 | |||
Support | S1 | 48.38 | -2.07 % | |
S2 | 47.98 | -2.87 % | ||
S3 | 47.35 | -4.16 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 49.61 | 0.425 % | |
R2 | 49.47 | 0.142 % | ||
R1 | 49.41 | 0.0202 % | ||
Current price | 49.40 | |||
Support | S1 | 49.18 | -0.445% | |
S2 | 44.61 | -9.70% | ||
S3 | 43.41 | -12.13% |
FCX Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 12, 2024 | Apr 12, 2024 | May 01, 2024 | $0.150 | 0.304% |
2 | Dec 20, 2023 | Jan 11, 2024 | Feb 01, 2024 | $0.0750 | 0.187% |
3 | Sep 20, 2023 | Oct 12, 2023 | Nov 01, 2023 | $0.150 | 0.445% |
4 | Jun 21, 2023 | Jul 13, 2023 | Aug 01, 2023 | $0.150 | 0.343% |
5 | Mar 22, 2023 | Apr 13, 2023 | May 01, 2023 | $0.150 | 0.399% |
FAQ
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