Build a starter position in this copper play

We’re taking a patient approach and easing into one of today’s hotter large-cap commodities stocks. [Justin Spittler's Trade of the Week] Build a starter position in this copper play Today, we’re taking a patient approach and easing into one of today’s hotter large-cap commodities stocks. I’m talking about Freeport-McMoRan (FCX). Freeport is one of the world’s largest copper mining companies. We’re picking up shares in FCX today for a couple reasons. For starters, commodities are strong. Copper, in particular, has rallied 27% since February. FCX also has a great chart. As you can see, it’s on the verge of breaking out of a base that dates back to early 2022. If successful, FCX could head much, much higher in the coming months. Source: StockCharts ([click to enlarge]() I suggest building out a starter position in FCX today over the next few weeks. I suggest this patient approach because FCX has been on a tear as of late. It’s working on its 8th consecutive green candle in a row and is a little extended relative to its rising 10-week moving average. In other words, FCX could pull back a bit or consolidate before making its next major push higher. Still, I remain very bullish on FCX. I believe the stock could hit $70 within the next 12 months. Exit your position if FCX closes below $46. That gives us a risk/reward ratio of nearly 3:1 on this trade. Action to take: Buy FCX at current market prices. Risk management: Exit your position if FCX closes below $46. Justin Spittler Chief Trader, RiskHedge If someone forwarded you this email and you would like to be added to our email list to receive Justin Spittler's Trade of the Week every week, [simply sign up here.]( This email was sent to {EMAIL} as part of your subscription to Justin Spittler's Trade of the Week. To opt-out, please visit the [unsubscribe page](. [READ IMPORTANT DISCLOSURES HERE.]( YOUR USE OF THESE MATERIALS IS SUBJECT TO THE TERMS OF THESE DISCLOSURES. Copyright 2024 RiskHedge. All Rights Reserved RiskHedge | 1417 Sadler Road, PMB 415 | Fernandina Beach, FL 32034