FCX - Key resistance level reached & watching for bearish entry
After a strong bearish move price has pull back to a key resistance level of 16.70 -17.00. This is a key area to begin watching for bearish price action in the form of bearish pin bar, engulfing bar, evening star, etc. The next key support level below is 14.00 which makes a good profit taking level and could make for an attractive risk/reward scenario.
An aggressively bearish position could be short stock or a moderately bearish position with some insurance would be to sell the 18 strike calls.
An aggressively bearish position could be short stock or a moderately bearish position with some insurance would be to sell the 18 strike calls.