On October 18 we wrote that "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."
( FCX) is the symbol for Freeport-McMoRan and it is ready for its upside breakout.
In this updated daily bar chart of FCX, below, we can see that prices have traded sideways in a tight range above the 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line made a low in early October and has firmed towards a break of its downtrend from early June. The Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line in mid-October for a buy signal which could be refreshed soon.
In this weekly Japanese candlestick chart of FCX, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has improved from the middle of September and the MACD oscillator is crossing to the upside for a fresh outright buy signal.
In this daily Point and Figure chart of FCX, below, we can see that a trade at $39.78 will refresh the uptrend. $43 is still the target.
In this weekly Point and Figure chart of FCX, below, we show a price target in the $56 area.
Bottom line strategy: The charts of FCX remain positive and traders should continue to go long at current levels and on strength above $39.78. $43 and then $56 remain our targets.
