Sitting on a Cash Pile 11.0? Strong Economic Growth Begets Demand for Natural Resources
#cash #bullish #buy
Freeport McMoRan Inc. (NYSE:FCX) broke out on 26 May 2020 at 9.26 and confirmed on 16 February 2021 at 32.90, reiterating LTNs Cash Pile Buy rating, with a price target at 63/share.
The Key support is at 41.81 and the resistance is NIL. Our Key technical indicators are flashing Very Bullish in here
FCX’s 52-wk trading range is 4.82 33.97, and shares are trading at 33.08 pre-market in NY Wednesday.
Our overall technical outlook for FCX is Bullish across the board.
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia.
The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as Oil & Gas.
Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
The company also operates a portfolio of Oil & Gas properties primarily located in offshore California and the Gulf of Mexico.
As of 31 December 2019, it estimated consolidated recoverable proven and probable mineral reserves totaled 116-B lbs of copper, 29.6-M oz of gold, and 3.58-B lbs of molybdenum, as well as operated approximately 210 wells.
The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014.
Freeport-McMoRan Inc. was founded in Y 1987 and is HQ'd in Phoenix, Arizona.
Have a healthy day, Keep the Faith!
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