The Pattern: 
FCX has completed a massive, 10-year W-Bottom. The first trough was set in 2016 at **$3.52**, followed by a second higher low in 2020 at $4.82. The recent monthly close above the $60.00 neckline validates this multi-year trend reversal.
The Log Target: On a logarithmic scale, the measured move from the $3.52 low to the $60.00 neckline implies a potential technical target in the $1,000+ range if the full percentage-based move replicates. While that is a long-term "moonshot," the immediate linear target sits at roughly $116.48.
Macro Tailwinds: Copper is the "new oil" for the green energy transition and AI infrastructure. Institutions like J.P. Morgan and UBS project a severe supply deficit in 2026, targeting copper prices between $12,500 and $13,000 per metric ton.
Why this is a "Solid" Buy at Support:
Infrastructure Demand: Global demand for copper is accelerating due to EVs, data centers (AI), and grid upgrades, while mine supply growth has fallen to just +1.4% for 2026.
Analyst Backing: Currently, 88% of Wall Street analysts rateFCX as a "Strong Buy" or "Buy," with median price targets moving higher as earnings estimates are revised upward.
FCX has completed a massive, 10-year W-Bottom. The first trough was set in 2016 at **$3.52**, followed by a second higher low in 2020 at $4.82. The recent monthly close above the $60.00 neckline validates this multi-year trend reversal.The Log Target: On a logarithmic scale, the measured move from the $3.52 low to the $60.00 neckline implies a potential technical target in the $1,000+ range if the full percentage-based move replicates. While that is a long-term "moonshot," the immediate linear target sits at roughly $116.48.
Macro Tailwinds: Copper is the "new oil" for the green energy transition and AI infrastructure. Institutions like J.P. Morgan and UBS project a severe supply deficit in 2026, targeting copper prices between $12,500 and $13,000 per metric ton.
Why this is a "Solid" Buy at Support:
Infrastructure Demand: Global demand for copper is accelerating due to EVs, data centers (AI), and grid upgrades, while mine supply growth has fallen to just +1.4% for 2026.
Analyst Backing: Currently, 88% of Wall Street analysts rate
FCX as a "Strong Buy" or "Buy," with median price targets moving higher as earnings estimates are revised upward.Note
room to the upside vs #copperTrade closed manually
Appears distribution s occuring... be careful at these elevated levels
Dr. #copper also swing around wildly ,,, aka not in a trend.
added to the fact #Gold has further weakness ,and liquidity is tightening across markets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.