The natural resource company Freeport-McMoran (FCX) has been more like Freefall-McMoran. You have to look at a the historical chart to see how heavy the decline has been since 2014, which extends a previous sharp decline in 2011. Here's a report from motley fool: Why Freeport-McMoran Inc. Shares Fell 32% in JanuaryFCX Monthly Chart(click to enlarge)Knife vs. Support: The market looks like a falling knife, although not as dramatically as the decline during the financial crisis. Normally, we wouldn't want to put our hands under a falling knife, but this bearish run has met its match in the historic low of 3.38. We have see price stall above 3.38 in the past couple of weeks, but should we expect this support to hold for the rest of the year? This scenario most likely requires commodity prices to bottom but oil prices still looks pressured. Therefore, I think there will be at least another test of the lows, or at least of the 4.00 handle again.Bottom Volume: Now, there has been a lot of volume here in the past few months. This might be comparable to the scenario at the end of 2008, beginning of 2009 where price found a bottom at 8.00. This is about the only technical clue that suggests a bottom might be forming. A buy here should have a long-term horizon because it might take a while for commodity prices to rally back up (perhaps into 2017). The medium-term outlook (within the next several months) might have to be limited to pivots at 6.00 and 8.00. But if you get in at 4.00 or 5.00, you have a potential reward of at least a 20% gain, up to 100%.FCX 4H Chart 2/8(click to enlarge)Strategy: For me, the ideal situation is that we do see another bearish attempt. If this bearish attempt fails to go back to 3.40, and holds above 4.00, it is a buy and hold for me. I would take some profit if price reaches 7.00, then hold the other half position with potential upside to 14.00 in the long-term (over a year). I will take losses if price falls below 3.30.