Freeport-McMoRan Heats Up

Freeport-McMoRan (FCX) may be in the early stage of a new leg higher, up more than 2% to $31.92 in afternoon trading. The stock has been tracing out a bullish pennant for more than four weeks. As this week begins, FCX is beginning to pierce the upper trendline of this healthy consolidation. The stock still has to clear both its August high and 200-day moving average, but the action today should be encouraging for the bulls. A close above $32.20 would take out both levels and could spark a healthy bull run.

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