• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing

Freeport-McMoRan Is Finally Ready to Rally to New Heights

Traders could go long FCX ahead of earnings on Thursday.
By BRUCE KAMICH
Oct 18, 2021 | 02:15 PM EDT
Stocks quotes in this article: FCX

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. 
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Trading | Metals & Mining | Earnings Preview

More from Investing

Fear Fades as a Reason to Rally

James "Rev Shark" DePorre
May 16, 2022 4:20 PM EDT

Monday turns uninspiring as traders lack incentive to buy and oil moves higher amid poor economic data.

You Can't Keep a Good Datadog Down

Bruce Kamich
May 16, 2022 3:48 PM EDT

A rally back to this area could unfold soon, so current investors should keep a tight leash on shares.

Occidental Petroleum Continues to Target Higher Prices

Bruce Kamich
May 16, 2022 2:52 PM EDT

Here's our first price target and our long term objective.

Supply and Demand Are Critical, but Remember: Timing Is Still Everything

Maleeha Bengali
May 16, 2022 1:51 PM EDT

Econ 101 suggests that at some point, either the supply side catches up, or demand falls to get prices back in equilibrium. Let's see what this means for oil -- and a potential recession.

How Is JetBlue's Stock Affected by Its Hostile Bid for Spirit?

Bruce Kamich
May 16, 2022 1:08 PM EDT

Let's review the charts and indicators.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 07:14 PM EDT PAUL PRICE

    A New, Very Scary Movie

  • 08:51 AM EDT PAUL PRICE

    Advice From the Future...

  • 12:20 PM EDT PAUL PRICE

    A Blast From the Past Regarding Bitcoin

  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login