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First Quantum Minerals’ Kansanshi site. (First Quantum Minerals)
First Quantum Minerals’ Kansanshi site. (First Quantum Minerals)

What the Charts Say

Bullish on First Quantum Add to ...

First Quantum Minerals Ltd. has been trading below a long-term falling trend-line for over two years (dashed line). The stock appears to have found support near $15-$16 (shaded area) and has been trading above a rising trend-line for the past seven months (solid line). In addition, the 40-week moving average (40wMA) recently turned upward.

A sustained rise above $20.50-$21 would signal a breakout above the long-term falling trend-line and above the minor resistance at around $20. Only a decline below $17-$17.50 would be negative.

A rise above $20.50-$21 would signal Point & Figure targets of $24 and $27. Higher targets are visible.

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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