Below is a daily chart of Freeport-McMoRan Inc. (FCX).
Trade: Consider shorting Feb (2/5) $20/22 bear call credit spread (4 DTE) around current mid-point of $.26/share.
Technical Setup: Bearish Gap from multi-week consolidation, Climactic Sell Setup and -WRB/engulfing weekly. Note: Although the monthly is bullish, we are only trading this for predicting a weekly top/retracement.
Option Strategy: Bear Call Credit Spread (BCS).
Stop Loss: $20.22.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director of Master Trader
Pristine’s Founder and Creator of the Pristine Method
Dan Gibby
Chief Options Strategist
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NOTE: Master Trader will show opening and closing prices of all stock and option trades. We do not recommend proper share size for your particular trading style, risk tolerance, or account balance. We urge you to calculate your own share size based on your individualized risk parameters, Trading Plan, and familiarity with the proposed trade strategy and risk.
NOTE: Master Trader and its representatives might have existing positions in these and other trade recommendations before or after suggested herein. Additionally, we often manage them differently for internal purposes based on different risk parameters than noted herein.
