After reaching an important support level, Freeport-McMoRan (FCX) could be a good stock pick from a technical perspective. FCX surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it’s the first marker of an up or down trend.
Over the past four weeks, FCX has gained 17.5%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at FCX’s earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch FCX for more gains in the near future given the company’s key technical level and positive earnings estimate revisions.
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