BUY FCX Jul $48 Calls @ $2.59
FCX has taken a pounding in last 10 days, coming down from $60+ to $45 – a 25% haircut. $45 is a key support region for it. I am looking for an oversold bounce to $50-$52 region before shorting it again.
FCX has been channeling in a nice uptrending channel, which it breached to the downside few days back. I expect a retest of the underside of the channel which also coincides with the target zone of $50-$52.
