Copper Is in a Full Bear Market ETFs, REITs, Forex, Nikkei, Copper, Options, Benzinga, Mortgage, Insurance, Grasberg Mine, Cryptocurrency, Personal Finance, Michael Ballanger, StartUp Investing, Bank of Japan (BoJ), Junior Mining Stocks, Freeport-McMoRan Inc. by https://www.benzinga.com/
AI Insights:
Simple Explanation:
copper prices went down a lot, but it's a good time to buy Freeport-McMoRan stock because it produces a lot of copper. Also, gold prices are going up, and Freeport-McMoRan also produces gold. So, it's a good time to buy the stock. Read from source...
Critical Perspective:
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Sentiment Analysis:
bullish
My Explanation: Michael Ballanger of GGM Advisory Inc. suggests that even though copper prices have bottomed, Freeport- McMoRan Inc. FCX is still a good investment. He believes that if one times the rallies in copper prices properly, a lot of money can be made. FCX is coming out of an oversold RSI reading that usually signals an impending turn. Both MACD and MFI will show "buy signals" by tomorrow's opening. The author recommends the purchase of the November $40 call options at $4.70. In summary, Ballanger has a bullish sentiment towards FCX and copper prices.
Investment Analysis:
We are not financial advisors. It's always essential for you to consult with a financial advisor and do your research before making any decisions about investments.
Michael Ballanger of GGM Advisory recommends buying Freeport-McMoRan Inc. (FCX) as copper is in a full bear market. Ballanger suggests buying FCX since it is the top copper producer in the world. He believes that copper prices could increase another 40 cents per pound from the current price of $4.03 per pound. He points out that the MACD and MFI indicators have triggered "buy signals." FCX has an oversold RSI reading, and both MACD and MFI suggest buying the stock. Ballanger's first target for FCX is the 200-day moving average at $43.62, followed by the 50-day and 100-day moving averages. He recommends buying call options for FCX. Ballanger also notes that FCX is a significant gold producer through ownership of the Grasberg Mine in Indonesia, which could also be a positive factor for the stock.