FCX: Cup and Handle

FCX: Cup and Handle setup after solid basing on weekly frame. Price action finding acceptance above key moving averages (20, 50) which are also acting as support. Volume shelf setting up for a price discovery to the upside. Breakout over 46.20 with volume is on lookout using MACD as an accessory for price action/momentum. Setup invalidated with rejection at 46.20 wkly high & with price action < KMAs. Commodities particularly have become a favorable risk on sector with increasing rates and supply/demand imbalances. Fundamentally, FCX has impressive EPS growth, ROE, liquidity, and favorable cash flow// Street Target Price is 50.14, ATR: 1.94, Beta 2.07