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Freeport-McMoRan (FCX-N, Monday’s close US$70.13) advanced significantly from US$4.82 in March, 2020, to US$51.28 in March, 2022, (A–B), before settling in a broad horizontal trading range, largely between US$28 and US$52, for roughly four years (dashed lines).
Earlier this year, Freeport-McMoRan broke out sharply from this large trading range and rallied to approximately US$71 (C). The stock became overbought at that stage and has since consolidated between the upper end of the former trading range and the US$71 area (dotted lines). A sustained move above US$71–72 would signal a continuation of the primary uptrend, while only a decisive decline below US$51–52 would turn the outlook negative.
A sustained rise above US$71-72 would signal initial Point & Figure targets of US$79 and US$88. The large multi-year trading range (dashed lines) supports significantly higher long-term targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com