Copper producer Freeport-McMoRan ( FCX) finished the past week with a good upside rally on the heels of a slim earnings beat and optimism about copper prices.
Let's check out the charts and indicators and see what's in store for the stock going forward. 
In the daily bar chart of FCX, below, we can see that the shares moved sideways from late June and dips to and below $28 have been bought. The shares have finally rallied above the 50-day moving average line. The slower-to-react 200-day line is still in a decline.
The On-Balance-Volume (OBV) line has been in a downtrend but is starting to show some upside promise. The Moving Average Convergence Divergence (MACD) oscillator is back to the zero line and close to a new buy signal.
In the weekly Japanese candlestick chart of FCX, below, we see a more positive looking picture. Prices have rallied in the past week to show renewed strength.
The weekly OBV line has been steady for nearly four months. The MACD oscillator is crossing to the upside for a cover shorts buy signal.
In this daily Point and Figure chart of FCX, below, we can see a potential upside price target in the $39 area.
In this weekly Point and Figure chart of FCX, below, we can see a price target in the $40 area.
Bottom-line strategy: 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.
