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Freeport Bouncing at the 50-day SMA

Long
NYSE:FCX   Freeport-McMoRan, Inc
Freeport McMoRan has steadily rallied since the March low. Now the copper miner may be ready to break out of its longest consolidation since the surge began.

One big feature on the chart is the high basing pattern above $30. It’s recently made higher lows and tried to climb up the right side of that basin.

Price has also held the rising 50-day simple moving average ( SMA ). It previously bounced along that line in September, January and March.

Next, FCX has broken a downward-sloping trendline along the February and March highs. Last week it bounced at that line, which could mean that old resistance has become new support.

Copper has been one of the biggest gainers since the pandemic as years of stagnant production growth collides with a global electric build out. The red metal has been a major green-energy asset. FCX is one of the most straightforward equities to play the trend.

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