Buying stocks of Freeport-McMoran is hedged by selling Disney.
Buying stocks of Freeport-McMoran Copper & Gold Inc (#FCX). US copper and gold producer.
On the weekly chart, the price has climbed above the balance and Krusenstern indicator lines, the Marlin oscillator has moved into the growth territory. The expected upside target is the top level at 44.38, reached on June 1. It is impossible to set a target higher, for example, on top of the all-time high at 46.08, reached on May 10 as there is a risk of market reversal into a deep correction without updating historical highs.
On the daily chart, the price is steadily rising above the indicator lines, the Marlin oscillator is developing in the positive area.
Selling stocks of Walt Disney Company (#DIS). US entertainment conglomerate.
On the weekly chart, the current week started below the Kruzenshtern indicator line, the price continues to decline, the Marlin oscillator is moving down in a downward trend zone. The first downside target is at 160.51, the low of January 2021. The second target is at 153.39, the high of November 2019.
On the daily chart, the price has consolidated under the Kruzenshtern indicator line, the signal line of the oscillator has turned down from the border with the growth territory. The downward trend is sufficient to solve the problems of backing up long positions on other stocks.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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