After years of back-to-back declines, Freeport McMoRan is showing signs of life.
The left-for-dead stock rallied nearly 7 percent Tuesday after the mining giant reported a narrower-than-expected quarterly loss. According to one trader, this could be the start of a furious rally over the course of the next year.
Looking at a long-term chart of Freeport-McMoRan, Andrew Keene noted that after getting pummeled over the last few years, the shares have consolidated in 2016. "This means there is a battle between the bulls and the bears on where they think the stock could go," he said.
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Shares of the commodity-sensitive stock have fallen more than 90 percent in the last five years, as oil and copper prices have gotten crushed. But that's all come to a head as Keene believes the commodity space could be turning around.