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FCX Stock Rose 33.29% Steady Surge Might Help Retest $45

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FCX Stock Rose 33.29% Steady Surge Might Help Retest $45
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FCX stock price surged over 33.29% in the 52 weeks time frame YTD, its price rose over 7%. At the time of publishing, FCX stock price was $40.68 with intraday trading volume of 7.455 Million.

FCX Stock Price Analysis 

FCX stock peaked at $46.73. Its lowest trading price was $26.03. Freeport- McMoRan Inc. has a market capitalization of $58.32 Billion.

At the time of writing this article, FCX stock was trading above 20,50,100 and 200 day exponential moving averages. The annual price target of Freeport- McMoRan Inc. stock is $46.69 which is around 14.78% greater than its current trading price.

FCX Stock Rose 33.29% Steady Surge Might Help Retest $45
Source: FCX stock price chart from TradingView

Over the past few trading sessions, FCX stock trading volume has reflected strong seller presence. The MACD suggests that significant buyers seem to be accumulating above the histogram. 

A positive momentum is expected in the coming session as the MACD and RSI line both approach the zero line. However, market analysts believe that FCX stock price is likely to open below its previous closing price. 

According to TradingView, 1.413 Billion FCX shares are free floating and remaining 1.45% shares are closely held. 

Freeport-McMoRan, Inc. is engaged in the mining of Copper, Gold, and Molybdenum. It operates through the following segments: North America Copper Mines, South America Mining, Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining, and Corporate and Other.

Freeport-McMoRan, Inc. Financial Updates 

The estimated revenue for the second quarter of 2023 was $5.61 Billion, however, Freeport- McMoRan Inc. reported 2.32% more revenue than the estimated value. Moreover the estimated EPS of the company was positive $0.36 but it failed to meet estimation and reported 1.50% less EPS. 

The company is yet to release its third and fourth quarter revenue data. The estimated revenue for Q3 is $5.34 Billion and for Q4 is $5.94 Billion. The EPS for upcoming quarters is positive $0.38 and $0.46, respectively.

In financial year 2022, Freeport-McMoRan, Inc. reported $22.78 Billion in revenue from which its gross profit was 35%, Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) was 41%, Earnings before interest and taxes Ebit was 32% and net income was 15%.

Major regions where Freeport-McMoRan Inc operates its business are the United States, Indonesia, Switzerland, Japan, Singapore, China, Spain, Germany and Chile including numerous other countries.

Technical Levels 

Support Level:$39.60 & $38.78

Resistance Level: $41.83 & $43.26

Conclusion:

FCX stock is consolidating in a range and sellers are barring preventing profitability as of now. Freeport-McMoRan Inc. stock is expected to break the $45 by the end of this week as the histogram is suggesting buyers accumulation.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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