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First Quantum Minerals’ Kansanshi site in Zambia.
First Quantum Minerals’ Kansanshi site in Zambia.

What the Charts Say

Bullish on First Quantum Minerals Add to ...

Our previous publication on First Quantum Minerals Ltd. (Feb. 15, 2014 – $21.16) stated that the stock was on the verge of a breakout. Immediately following our report, bullish sentiment drove the stock to $27.29 for a 29-per-cent appreciation in about five months (A).

First Quantum is currently somewhat overbought and may have a minor correction. There is good support at $23-$24. Only a decline below this level would signal further weakness toward the 40-week moving average (40wMA).

Sentiment indicators including the rising 40wMA, the positive moving average convergence/divergence (MACD, lower panel) and the rising trend-line (solid line) confirm the bullish status.

Point & Figure measurements provide targets of $29 and $34.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

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