Skip to main content

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.

Story continues below advertisement

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨