Copper Bulls Celebrate Freeport-McMoRan Stock’s Golden Cross Triumph Copper Bulls Celebrate Freeport-McMoRan Stock’s Golden Cross Triumph

Written By Michael Gary Scott

Freeport-McMoRan Inc FCX stock just made a so-called “golden cross,” one week ahead of reporting fourth-quarter (Q4) earnings.

The 50-day SMA crossed over the 200-day SMA on Jan. 17, indicating a bullish trading sentiment over the stock.

Fidelity’s Upbeat Outlook for 2024

The stock is one of Fidelity’s 5 material sector picks for 2024. Fidelity highlights attractive demand-supply dynamics for this major global copper supplier, making it a compelling choice in the sector amid rising demand and potential surge in copper prices.

Aging mines and diminishing ore quality in key copper-producing nations hint at a potential surge in copper prices amid rising demand, making Freeport-McMoRan a compelling choice in the sector.

Goldman Sachs’ Optimistic View

A recent Goldman Sachs’ report suggests that Freeport-McMoRan stock could outperform. It notes that the stock is trading at a 14% discount from its sector median and presents a perfect pick based on Goldman’s criteria.

As Freeport-McMoRan prepares to report its Q4 earnings on Jan. 24, Wall Street expects the company to perform strongly, with anticipated EPS of 24 cents and revenue of $5.86 billion.


See also  XPEV Stock: Navigating the Road AheadIs Beaten-Down Xpeng Motors Stock a Buy Ahead of Make-or-Break 2024?