One of Wall Street's most unloved stocks could be presenting a rare buying opportunity.
Freeport-McMoRan is the second-worst performing name in the S&P 500 in the past 12 months, down nearly 70 percent as the company has been plagued by the collapse in commodity prices and uncertainty on the overall health of the global economy.
But as Freeport-McMoRan has sparked the interest of billionaire investor Carl Icahn, who disclosed an 8.5 percent (88 million shares) stake in the company just last week, and prices have rallied to seven-week highs, one technician says now could mark a turning point for the charts.
"There could be some [more] opportunity in the short term," Rich Ross said Wednesday on CNBC's "Trading Nation." Shares of the world's largest publicly traded copper producer are already up more than 36 percent from the recent low hit Aug. 26, but Ross, Evercore ISI's head of technical analysis, believes the stock could rally another 50 percent in the coming months.
Looking at a long-term chart of Freeport-McMoRan, Ross noted some technical symmetry. "We had a monthly reversal [at the low in 2009] and we're seeing a very similar formation unfolding here at exactly the same technical level," he said.
By Ross' chart work, this pattern is the completion of a double bottom, a formation that technicians often view as confirmation of a reversal in trend—the idea that the stock will find a floor at its previous low and begin to rally.
In 2009, Freeport-McMoRan fell to just above $10 a share before finding a bottom and rallying nearly 500 percent to its 2011 high. Ross doesn't necessarily see the same scenario playing out this time, as he notes the stock has "a lot of repair work to do."
Nonetheless he does see a rare chance to buy the shares. "I think there's opportunity here even if the stock just catches a bounce to prior support which comes in around $16," Ross added.
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