Stock and Futures Forecast Nov 24th FCX & STLD
On $STLD the Trump Rally continues with Steel Dynamics! Using demand zones in an uptrend we show how to enter any market in this type of environment. Price revisited the 23 zone multiple times giving you multiple chances to catch an entry with relatively low risk. to take a target there is actually a very nice supply zone on the weekly chart at 37 from 2009, way before the market recession.
On FCX which we looked at last week, it did what we expected with Copper around consolidation/ flag pattern around $2.5 the expected target is the zone in the $3.00 area. For the very long term, $4.00 is very reasonable. To use this information to your advantage, you can see on FCX a rally leaving the 10.00 zone on its way to the first stop of 19.10 zone. Multiple supply zones are showing targets as price climbs to prior highs.
To see how we predicted and executed this trade, check out our previous video from Nov 12th!
You can read the My Trading Buddy Article we wrote on FCX as well HERE
To do our weekly Futures forecast, we use our elite neural network software to define the trend on each market. This is done using multiple criteria and all automatic in the Elite system. You can never be right 100% of the time, but we should all have a plan, and then react with the market as it changes. When price moves and breaks through or bounces off the zones, the software automatically changes and adapts to the market to help keep you from being on the wrong side of a trade.
Want to see any market predicted with APA Zones, try the software yourself! It is a true fractal, which means it will work on any time-frame.