FCX Long — $FCX pulling back to the breakout shelf at $69, HTF u

On the 4h chart, FCX has established a clear uptrend from the late-April low near $56 through successive higher highs and higher lows, culminating in a push to $72+ in early June. The most recent structural event is a mild pullback from that $72 high into the $69–70 zone, which previously acted as a consolidation shelf and breakout base in early June. Price is now sitting precisely at that retest level. On the 1h chart, the June 17 session printed a sharp bearish rejection off $72.28 that dragged price to $68.84 intraday, but the June 18 open at $69.95 and subsequent probe of $70.62 before the current $69.09 quote shows a failed breakdown attempt — the market absorbed the sell and is holding above the $69 shelf. The stop is placed at $67.75, just below the June 15–16 consolidation base and the micro-swing low from June 15 ($69.25 low), providing meaningful clearance beyond the range floor without sitting inside ordinary noise. The target at $72.50 is set just below the prior swing high cluster at $72–$72.28, the first structural supply the price must traverse. Fundamental backdrop is supportive: Q1 EPS beat, record copper prices driven by AI/electrification demand, Grasberg 2027 restart reaffirmed, and Scotiabank's fresh $77 target (June 15). The Morgan Stanley Equal Weight and Grasberg ramp uncertainty are noted headwinds, but the chart and macro lean bullish. Earnings are 34 days out, well outside this swing horizon. Invalidation: sustained close below $67.75 would break the HTF HH/HL sequence and negate the setup.

📍 Entry: 69.10
🛑 Stop: 67.75
🎯 Target: 72.50
⚖️ R:R: 2.52