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Freeport-McMoRan Give Early Entry

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Freeport-McMoRan broke out over a trend line and now has its sights set on a 37.71 entry.

Video Transcript

- And you mentioned other strong names in this group. I mean, group number 4 out of 197. That also says something most definitely. So EOG Resources, with this base forming, will keep a spot on our watch list. And FCX with an impressive move today, jumping almost 8% above average turnover here, clearing a trend line that we have here. Or if you wanted to draw a horizontal line, you could do that as well with this one.

- Yeah. No, actually our news editor Ed Carson pointed out that that actually was a legitimate handle area. So it gapped up over that handle buy point. That coincided with a breakout over a trend line. And, you know, again, Freeport-McMoRan held its gains for the bulk of the session. Closed just off of highs. But certainly today's move and very, very strong volume paves the way for a possible breakout over that recent high of, I believe, it's 37.61. But this is a nice example. You see the MarketSmith pattern recognition tracing a double bottom pattern here. You've got two legs down. A good shake out. Sellers got shaken out when the stock hit a low of 29.45. So now it's getting its house back in order and good heavy volume gain today. We'll see if it can ultimately break out over that recent high of 37.61.

- It would be great if we can see some momentum with this stock, especially with earnings coming up next week because if investors opted to add the stock to their portfolio today, ideally, you want to have a cushion of at least 5%, maybe more, when you're heading into an earnings report.

- Exactly. And Alcoa, which is tracked in the same industry group as Freeport-McMoRan. Alcoa reports earnings tomorrow, I believe. So that also made a nice move today. It's been holding gains nicely after that breakout over 26.20.