FCX Gains 3.9%, Tests 52-Week High Near $59

$Freeport-McMoRan(FCX)$

FCX Soared +3.86%: Mining Giant Taps 52-Week High, $59 Resistance Tested

Latest Close Data:

Closed at $58.71 on Jan 13, up 3.86% from prior close. The price is now just $0.12 shy of its 52-week high of $58.83.

Core Market Drivers:

Strong performance driven by resilient industrial demand for copper and gold, coupled with positive sentiment in the broader materials sector. The stock is benefiting from its status as a key industrial metal producer.

Technical Analysis:

Volume was solid at 20.37M shares (Volume Ratio: 0.82). MACD (12,26,9) shows DIF at 3.10 above DEA at 2.70, with a rising histogram of 0.79, confirming bullish momentum. RSI(6) is at 79.67, entering overbought territory, signaling potential for a short-term pullback or consolidation.

Key Price Levels:

Immediate Pivot/Resistance: $58.83 (52-Week High).
Strong Resistance: $59.05 (Pre-Market High).
Primary Support: $57.16 (Today's Low).

Valuation Perspective:

Forward P/E of 23.83 is near its historical average of 25.03, but above the -1 Std.Dev of 21.09, suggesting the stock is fairly to slightly richly valued based on near-term earnings.

Analyst Targets:

19 analysts have an average price target of $54.24. Sentiment is bullish with 4 Strong Buy, 14 Buy, and 5 Hold ratings.

Weekly Outlook:

Expect consolidation near the $58.83 resistance. A successful breakout could target the $60-$62 range. Failure to hold above $57.16 may lead to a test of the $55-$56 support zone.

Disclaimer: This analysis is for informational purposes only and not financial advice. Past performance is not indicative of future results. Please conduct your own research before making any investment decisions.

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