Mining giant Freeport-McMoRan ( FCX) is scheduled to report its third quarter earnings numbers on Thursday. I have no special knowledge of their business conditions but copper futures are ready and able to make new highs for the move up (see chart below). 
In our June 7 review we wrote that "Traders who are still long FCX are in the driver's seat. If you have no position in FCX you could go long at current levels and risk below $37. $51 is our nearest price target and $77 is a target that may be reached in the next year or two." This long recommendation would have been stopped fairly quickly in June but now we need to get back in the 'groove' and check out the charts of FCX again.
In this updated daily bar chart of FCX, below, we can see that prices have been seeing buying interest (support) around $30. Prices have recently rallied above the September highs and above the 50-day and 200-day moving averages.
The On-Balance-Volume (OBV) line is showing some improvement and the Moving Average Convergence Divergence (MACD) oscillator is crossing above the zero line for a new buy signal.
In this weekly Japanese candlestick chart of FCX, below, we can see the start of renewed strength. We can see a large white candle above the 40-week moving average line. The weekly OBV line is turning higher and the MACD oscillator has been narrowing in recent weeks.
In this daily Point and Figure chart of FCX, below, we can see an upside price target of $46.
In this weekly Point and Figure chart of FCX, below, we can see a potential $56 price target.
Bottom line strategy: Copper prices, and many other metals, have been climbing recently and this should help propel shares of FCX higher. Traders could go long FCX ahead of earnings on Thursday. Risk to $31. $46 and $56 are our targets for now.
