Freeport-McMoRan Unusual Options Activity For March 18
Portfolio Pulse from Benzinga Insights
Significant bearish options activity was detected in Freeport-McMoRan (NYSE:FCX), with a mix of puts and calls indicating a bearish sentiment among big-money traders. The activity suggests a price target range of $33.0 to $55.0 for FCX over the next three months. The company's stock is currently up by 0.83%, trading at $44.98, with a high trading volume and a potential overbought condition indicated by the current RSI values. The next earnings report is expected in 32 days.
March 18, 2024 | 3:15 pm
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Significant bearish options activity detected in Freeport-McMoRan, with a price target range of $33.0 to $55.0 over the next three months. The stock is currently up, trading at $44.98, but may be overbought according to RSI values.
The bearish options activity, especially the significant amount of money involved in these trades, suggests that investors are expecting a downturn in FCX's stock price. The current overbought condition indicated by the RSI values supports this sentiment. However, the stock's recent uptick and the upcoming earnings report add some uncertainty, hence the confidence score is not at the maximum.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100