Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher and touching a new all-time high Friday, extending a strong run as copper-related stocks broadly rally. Here’s what you should know.
- Freeport-McMoRan stock is approaching key resistance levels. What’s behind FCX new highs?
Copper Strength and Broad Market Participation Lift FCX
Freeport-McMoRan is benefiting from renewed attention on copper-linked stocks, with the broader market showing wide participation on Friday, eight of 11 sectors advancing and an advance/decline ratio of 2.7. The move also reads as a continuation of the stock’s strong 12-month run, with buyers pushing shares further above their key moving averages rather than the stock stalling out at prior resistance.
The broader tape is supportive too, with the Dow up 0.53% and the Russell 2000 up 0.27%, even as the Nasdaq slips slightly. FCX is outperforming both the Materials sector and the wider market in that environment, which points to targeted demand for cyclical and materials exposure rather than the stock simply riding a broad index move.
FCX’s Chart Shows a Stock Extending its Breakout
That sector-wide strength shows up clearly on Freeport-McMoRan’s own chart. The stock touched a new all-time high Friday, with shares trading between $74.40 and $77.33 on the day, clearing the prior 52-week range of $35.15 to $72.275.
Shares are trading roughly 12.3% above their 20-day moving average of $67.05 and about 27.4% above their 200-day average of $59.14, keeping the longer-term trend firmly pointed higher. The 20-day average sitting above the 50-day average, which in turn sits above the 200-day average, reflects a bullish alignment across multiple timeframes that typically signals buyers are firmly in control.
Momentum backs up that picture. The MACD line remains above its signal line with a positive histogram, pointing to improving upside pressure compared with the stock’s prior pullback. In practical terms, that kind of reading usually means buyers step in quickly on dips rather than letting selling pressure build.
Because shares have now cleared their prior 52-week high of $72.28, that former ceiling could turn into a new support level if the stock consolidates instead of pulling back sharply. The stock’s recent path also included a swing high in June followed by a swing low in July, with shares working their way back into strength since then.
Traders are watching $65.50 as key support, a level where buyers have stepped in before and one that lines up closely with the stock’s 50-day moving average of $64.65 and 50-day exponential moving average of $65.42.
FCX Shares Are Climbing
FCX Price Action: Freeport-McMoRan shares were up 5.28% at $74.98 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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