Will FREEPORT-MCMORAN INC breakout?

We've identified FREEPORT-MCMORAN INC (NYSE:FCX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:FCX for further developments.

Technical analysis of NYSE:FCX

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall FCX gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, FCX is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that FCX is one of the better performing stocks in the market, outperforming 91% of all stocks.
• FCX is one of the better performing stocks in the Metals & Mining industry, it outperforms 74% of 156 stocks in the same industry.
• FCX is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so FCX is lagging the market slightly.
• In the last month FCX has a been trading in the 48.22 - 55.23 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of FCX contains the most current technical analsysis.

Why is NYSE:FCX a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:FCX has a 8 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, FCX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 48.44, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:FCX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.