Freeport-McMoRan (FCX) has been testing the $16 area for a number of weeks. I think a softer dollar and some renewed buying should be able to do the trick to get FCX to break out to new highs above $16.50. Let's check the charts.
In this one-year daily of FCX, below, you can see a possible ascending or bullish triangle pattern the past several weeks. FCX has been making roughly equal highs around $16 and higher lows. Prices are perhaps two-thirds through this pattern so you should be prepared for a possible upside breakout.
The On-Balance-Volume line has been steady and the MACD oscillator is pointed up.
The Point and Figure chart, above, of FCX shows that a trade at $16 will make it a double top pattern and that $16.50 will be a breakout.