Don’t Rush Into This Bullish Setup Just Yet...

In today’s environment, buying index funds just won’t deliver the kind of “risk-off” returns investors enjoyed during bull markets… [Jeff Clark's Market Minute]( Don’t Rush Into This Bullish Setup Just Yet… By Imre Gams, analyst, Market Minute When I’m looking for the best trades, I usually start in the forex, commodities, or crypto markets. But right now, I’ve spotted a great opportunity in the stock market… Freeport-McMoRan (FCX) is the world’s largest producer of molybdenum, a chemical element that’s highly prized for its ability to withstand extreme temperatures. It’s often used in high-strength steel alloys for things like aircraft parts and motors. But FCX is also a major copper producer and operator of the world’s largest gold mine located in Indonesia. Between July 2022 and January 2023, FCX staged an impressive rally, climbing from $24.80 to $46.73. Yet since then, FCX has pulled back. The stock is currently trading at around $39. However, my latest analysis suggests this pullback may be over. In fact, I believe FCX’s next big move to the upside could soon be underway. Recommended Link Millionaire Trader Reveals: [The One-Trade Retirement Blueprint]( [image]( This retirement method is unlike anything you’ve ever seen. In short: it’s a way to trade one unique type of investment over and over again… and potentially make all the money you need to fund your retirement. We call it the “One-Trade Retirement Blueprint.” And it’s a dream come true for folks at or near retirement. [Get the details here – including the name of the ticker that makes this all possible.]( -- Take a look at FCX’s price chart to see what I mean… [(Click here to expand image)]( First, notice how the market tested the 200-period moving average (MA – green line). This moving average is an effective way of identifying a market’s longer-term trend. If the market is trading above the 200-period MA, the trend is bullish. And if the market trades below this indicator, then the trend is bearish. FCX’s ability to hold above this moving average is a very encouraging sign for the stock. [Finally, gain financial freedom in 2023 using this method]( Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Next, notice the key level that comes in at $43.73, which is when FCX topped out on March 3. If FCX breaks through this key level, then that would open the door for prices to test the $52 March high. And this would be my green light to look for further upside. I’ve seen this type of setup many times before across different markets. And it’s tempting to rush in and buy right away. But it’s crucial for the market to commit to you before you commit to the market. In today’s environment, buying index funds just won’t deliver the kind of “risk-off” returns investors enjoyed during bull markets. That means being able to identify single-stock opportunities is more important than ever. As traders, we can use the current volatility to profit on setups like the one FCX is showing. But we must wait to act until our technical analysis shows a high-probability trade. The sign of commitment I’m looking for in FCX is a breach of $43.73. Happy trading, Imre Gams Analyst, Market Minute READER MAILBAG In today’s mailbag, a [Currency Trader]( member shares their analysis on one of Imre’s recommendations… Hi Imre, I agree with your original assessment of an upcoming down leg for EUR/USD. I'm looking at the March 21 high as the potential end of a wave E in an expanding triangle. That high has so far respected the potential wave 1-3 trendline. And it has also stopped at a precise .618 retracement of the preceding impulsive wave ending 1.05328 on February 27. In terms of Fibonacci time, that high would have ended just shy of 100% of said preceding impulse. I’m learning a lot from your videos. Much appreciated. – Shin S. Thank you, as always, for your thoughtful comments. We look forward to reading them every day. Keep them coming at feedback@jeffclarktrader.com. IN CASE YOU MISSED IT… [New Panic Could Sweep America]( Mark these words in 2023. Everyone’s going to cash… Wall Street legend says:” A little-known vehicle outside of banks could double… triple… or even quadruple your life savings if you know where to find it right now. We urge you to move your cash into this vehicle in 2023. [More here.]( [image]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. 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