{"id":46422,"date":"2023-08-09T14:37:34","date_gmt":"2023-08-09T18:37:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/red-metal-stock-due-for-rebound\/"},"modified":"2023-08-09T14:37:36","modified_gmt":"2023-08-09T18:37:36","slug":"red-metal-stock-due-for-rebound","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46422","title":{"rendered":"Red Metal Stock Due For Rebound"},"content":{"rendered":"<div>\n<p>Shares of copper miner Freeport-McMoRan (FCX) are struggling this month, as the red metal\u2019s prices suffer amid weakening trade data from China. Though last seen up 0.4% at $42.85, FCX has shed more than 4% already in August. If past is precedent, this pullback could offer an intriguing buying opportunity, thanks to a historically bullish trendline.<\/p>\n<p>According to data from Schaeffer&#8217;s Senior Quantitative Analyst Rocky White, FreePort-McMoRan stock just came within one standard deviation of its 50-day moving average. Per White, seven other similar pullbacks have occurred over the past three years. One month after 71% of these signals, FCX notched positive returns, averaging a 10% pop. A similar move would put the shares at a level not seen since April 2022.<\/p>\n<p>A shift in analyst sentiment could also provide tailwinds. Of the 13 in coverage, eight covering brokerage firms call the mining stock a &#8220;hold&#8221; or worse.<\/p>\n<p>For those looking to bet on FCX\u2019s move lower, options seem to be affordably priced. The equity&#8217;s Schaeffer&#8217;s Volatility Index (SVI) of 36% ranks in the low 9th percentile of its 12-month range, meaning options traders are pricing in low volatility expectations right now.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/greatspeculations\/2023\/08\/09\/red-metal-stock-due-for-rebound\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of copper miner Freeport-McMoRan (FCX) are struggling this month, as the red metal\u2019s prices suffer amid weakening trade data from China. Though last seen up 0.4% at $42.85, FCX has shed more than 4% already in August. If past is precedent, this pullback could offer an intriguing buying opportunity, thanks to a historically bullish [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Red Metal Stock Due For Rebound | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of copper miner Freeport-McMoRan (FCX) are struggling this month, as the red metal\u2019s prices suffer amid weakening trade data from China. 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