In our October 24 review of Freeport-McMoRan ( FCX) we wrote that "Copper prices are a function of supply and demand. I don't get the impression that demand is going to increase in the short-run as the Fed continues to tighten rates but we could see a shock in terms of supply and this could be why the charts of FCX have been improving. Traders could probe the long side of FCX risking to $25."
Let's check out the direction of copper futures and FCX again. 
In the weekly Japanese candlestick chart of the continuous copper futures contract, below, we can see a number of lower shadows telling us that traders have been rejecting the lows. Prices are still below the declining 40-week moving average but we know this is a lagging indicator.
The weekly OBV line has been steady to improving the past four months. The MACD oscillator has crossed upwards to a cover shorts buy signal.
In the daily Point and Figure chart of the continuous copper future, below, we can see that prices have been moving sideways and a trade at $3.58 or higher should refresh the uptrend.
In the daily bar chart of FCX, below, we can see a low in July followed by a higher low in September and then another higher low in October. Prices made a high in late August and if prices take out the August high we will establish an uptrend. The slope of the 50-day moving average line is now positive.
The OBV line is neutral but trading volume inched up in October. The MACD oscillator has turned positive.
In the weekly Japanese candlestick chart of FCX, below, we see a more positive picture. Prices are improving.
The weekly OBV line has turned upwards and the MACD oscillator has crossed to the upside.
In this daily Point and Figure chart of FCX, below, we can see that a trade at $33.93 will refresh the uptrend. A price target of $39 is shown.
In this weekly Point and Figure chart of FCX, below, we can see a price target in the $45 area.
Bottom-line strategy: Traders who went long FCX should continue to hold but they can raise their sell stop to $26 from $25. A trade at $33.93 or higher should get the chart moving to the upside again.
