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 copper 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.