Copper producer First Quantum Minerals (FM.TO) continue to climb within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. On Friday, FM.TO moved up another 6 spots to 5th place and as now moved up 102 places in the last month.
First Quantum (FM.TO) shares staged a major breakout on Friday, clearing $14.75 and $15.00 to trade at their highest level since April of 2018. This breakout confirms the summer snapping of a downtrend line and signals the start of a new upleg within a growing recovery trend.
Based on a measured move up out of the recent $11.25 to $14.75 trading range, next potential resistance may appear near $18.50, followed by the $20.00 round number. Initial support appears near $13.50.
Friday’s breakout by First Quantum (FM.TO) shares continues a series of positive completions over the last few weeks which includes a bullish Triple Top, a bullish Spread Double Top and a bullish Double Top. The most breakout has confirmed that a recent correction as ended, that the shares primary uptrend has reasserted itself and that a new upleg is underway, particularly with the shares also clearing the $15.00 round number hurdle.
Next potential upside resistance tests on trend appear near $16.55, where a horizontal count and a previous high converge, followed by $19.40 based on a horizontal count, and then the $20.00 round number. Initial support appears in the $1330 to $13.85 zone where two recent breakout points and a 3-box reversal cluster.
With a perfect SMAX score of 10, FM.TO is exhibiting near-term strength across the asset classes.
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