FCX - pushing broadly higher

Whilst there were a quartet of historic highs in the main indexes, there was notable strength in Freeport McMoran (FCX), which settled +5.6% @ $14.51, the best level since July 2015. Near/mid term outlook offers a run to old support - now resistance, in the $17s. More broadly, if Copper >$3, then FCX $20.


FCX, daily

FCX, monthly

Summary

Seen on the giant monthly cycle, there is a clear multi-month bull flag.. already provisionally confirmed.

Further strength seems probable, at least to around $17.

Will FCX require $4.00 copper prices, to see $20.00 ?  Difficult to say. What is clear, the downward trend in copper - that stretched across FIVE years has concluded. Similarly, the powerful downward run in FCX from July 2014 ($37.52), concluded in Jan'2016 @ $3.52.

Indeed, as things are, FCX has effectively doubled from the 2015 close.