Freeport-McMoRan Copper & Gold NYSE:FCX a Buy

  on

Profile: Freeport-McMoRan’s mines produce more copper and molybdenum than any other publicly traded company in the world. Its assets include the Indonesian Grasberg mining complex, the world’s largest Copper and Gold mine in terms of recoverable reserves, and significant operations in North and South America. Freeport is also developing the potential world-class Tenke Copper and Cobalt deposit in the Democratic Republic of Congo. Freeport produced roughly 3.9-B pounds of Copper in Y 2010.

Website: http://www.fcx.com

A total of 11 block trades were executed Thursday, typically at least 10,000 shares or more represent one block unit.

Block trades help investors understand the sentiment of large financial institutions. Deeper trading analysis reveals that 167,101 shares were bought and 328,000 shares were sold.

The Bought/Sold Ratio BSR for shares of Freeport-McMoRan Copper & Gold is 0.51, representing a negative net cash flow of $6,314,848 out of the stock.

On the options side: investors traded a total of 71,102 contracts, 54,905 Call and 16,197 Put contracts were traded yesterday yielding a 0.30 Put/Call Ratio PCR.

Brownfield expansions at Cerro Verde, Morenci, and Tenke Fungurume will drive significant production growth over the next several years. Plus, the huge Copper-Gold Grasberg deposit boasts stellar ore grades and a long reserve life, which should translate to fat profits for many years to come.

Freeport-McMoRan Copper & Gold opened Thursday at 39.28 and finished at 39.26, + 0.70(+1.82% during

The daily low was 38.91 and the high 39.54.

Volume: 12-M/shrs is below the average 3 month volume of 15-M/shrs.

FCX is trading below its 50 Day MA and higher than its 200-Day MA.

The stock’s 52 wk low is 31.08 and 52 wk high is 48.96.

The stock has a P/E ratio of 12.48 and a dividend yield of 3.08%.

Earnings Date: 14 January 2013

Analysts Recommendation: Buy

1 Yr Price Target Estimate: 49.90

Performance Metrics

Week Month Quarter Half Year Year
+0.78% -1.61% +9.02% +18.06% +17.74%

Analysis Overall Short Intermediate Long
Neutral (-0.14) Bearish (-0.39) Neutral (0.12) Neutral (-0.17)

Recent CandleStick Analysis Very Bearish
Date Candle
29 Nov 2012 Bearish Doji Star

Open Gaps
Direction Date Range
up 29 Nov 2012 38.56 to 38.91
up 19 Nov 2012 37.28 to 37.56

Support and Resistance
Type Value Conf.
resist. 43.00 2
resist. 42.48 4
resist. 40.71 5
resist. 39.91 7
supp 38.82 14
supp 37.32 5
supp 36.79 2
supp 36.31 2
supp 35.46 4
supp 34.62 6
supp 31.93 2
supp 31.52 4

Technical Indicators
Ind. Short Inter Long
EMA VBu Be N
MACD VBe VBe VBe
RSI VBu
TDD Bu
Fibs Be VBe Bu
Highs VBe VBu N
Lows Be VBu N
Trends N N N
Stoch. Be
VBu=Very Bullish, Bu=Bullish
N=Neutral
Be=Bearish, VBe=Very Bearish

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

Copyright Live Trading News All rights reserved.

Join the Discussion