We reviewed the charts of Freeport-McMoRan (FCX) on Nov. 8 and wrote that "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."
Prices are getting close to making a new high for the move up so let's check on the indicators again.
In the daily bar chart of FCX, below, we can see that the shares looked like they formed a cup-and-handle pattern but the handle was particularly deep and may have knocked out some longs with close stops. FCX is back above the rising 50-day moving average line and the rising 200-day moving average line. The trading looks like it has been stronger in January.
The On-Balance-Volume (OBV) line is showing the start of improvement from late January. The Moving Average Convergence Divergence (MACD) oscillator is turning up for a cross above the zero line and new buy signal.