Freeport-McMoRan Surges 3.68% as Golden Cross and Fibonacci Convergence Signal Bullish Momentum

Freeport-McMoRan (FCX) Technical Analysis
Freeport-McMoRan (FCX) surged 3.68% in the most recent session, closing at $46.45, signaling immediate bullish momentum. This move aligns with broader technical patterns that suggest a potential continuation of the upward trend, though key levels and divergences warrant closer scrutiny.
Candlestick Theory
Recent price action reveals a strong bullish bias, with FCX forming a series of higher highs and higher lows since late November 2025. A notable pattern emerged on December 10, where a long white candle closed near the session high, indicating strong buying pressure. Key support levels are identified at $43.93 (December 9 close) and $42.97 (December 2 close), while resistance is clustered around $46.45 (December 10 high) and $47.21 (July 10 high). A break above $46.45 could target $47.21, but a failure to hold above $43.93 may trigger a retest of the $41.70–$40.65 consolidation range.
Moving Average Theory
Short-term momentum is reinforced by the 50-day moving average (approximately $44.00) crossing above the 200-day MA ($42.50), forming a golden cross. The 100-day MA ($43.50) currently acts as dynamic support. Prices remain above all major moving averages, suggesting a bullish trend. However, the 200-day MA may resist further upward movement if volatility subsides, requiring sustained volume to confirm a breakout.
MACD & KDJ Indicators
The MACD histogram has turned positive, with the fast line crossing above the signal line, indicating strengthening bullish momentum. The KDJ stochastic oscillator (K=85, D=75) suggests FCX is approaching overbought territory, though the divergence between K and D implies caution. A close above $46.80 could extend the rally, but a failure to surpass this level may trigger a pullback toward the 50-day MA.
Bollinger Bands
Volatility has expanded recently, with FCX trading near the upper Bollinger Band ($46.45). This suggests heightened buying pressure but also a potential overextension. A reversion toward the 20-period moving average ($45.20) is probable unless the upper band continues to widen, which would signal sustained bullish momentum.
Volume-Price Relationship
Trading volume spiked to $781.86 million on the December 10 rally, validating the strength of the move. However, volume has been mixed on subsequent pullbacks, indicating uneven conviction. Sustained volume above $700 million is required to confirm the trend’s durability; declining volume could signal a potential reversal.
Relative Strength Index (RSI)
The 14-day RSI stands at 68, nearing overbought territory. While this suggests a possible near-term correction, the RSI’s recent upward trajectory aligns with the bullish trend. A drop below 60 may trigger profit-taking, but a break above 70 would confirm stronger momentum.
Fibonacci Retracement
Key Fibonacci levels from the November 2025 low ($38.85) to the December 10 high ($46.45) include 38.2% ($44.00) and 50% ($42.65). The 38.2% level coincides with the 50-day MA, acting as a critical support zone. A breakdown below $42.65 could target the 61.8% level ($41.25), aligning with prior consolidation.

Confluence and Divergences
The most compelling confluence occurs at $44.00, where the 50-day MA, 38.2% Fibonacci, and recent support converge. A bullish breakout here would strengthen the case for a test of $47.21. Divergences include the KDJ oscillator’s overbought condition and the RSI nearing 70, which may precede a short-term pullback. However, the MACD’s positive divergence and expanding Bollinger Bands suggest the trend remains intact.
Conclusion
FCX’s technical setup favors a continuation of the bullish trend, supported by confluence at key moving averages and Fibonacci levels. Traders should monitor volume sustainability and the 50-day MA as a critical support. While overbought indicators hint at a potential consolidation phase, a break above $46.45 with increasing volume would reinforce the case for further gains.