Franco-Nevada Corp (FNV.TO) has moved up 20 spots in the last week in the SIA S&P/TSX 60 Index Report and now ranks in the 16th position, just on the edge of entering the Favored zone. Franco-Nevada is a gold-focused royalty and streaming company operating through mining and energy in Latin America, US, Canada, and abroad. The last time it has ranked this high in the Report was in August of 2020. FNV.TO is up 6.17% over the last week and up 11% over the last month.
Looking at the Candlestick chart of FNV.TO, we see quite the back and forth movement between $150 and $200 for the most part, with a brief move up to $210 a year ago.
It has broken through the 50 day/200 day moving average many times back and forth within this range without it signaling significant longer-term moves.
FNV.TO seems to have moved towards the top of this range now with resistance around $200 which it has failed to move above in Aug ’21, Nov ’22, and Jan ’23 with only March/April in 2022 moving above this level briefly in the last couple years.
A breakout above $200 could signal a new uptrend, but would need to be confirmed above the ~$215 level as well. Stronger names in Metals and Mining can be found in the Favored zone of the S&P/TSX 60 Index Report with potentially more upside unless the recent ranges and these resistance levels are broken through, could lead to a better outlook going forward.
On a Point and Figure chart at 2%, Franco-Nevada (FNV.TO) has moved into a positive Low Pole Warning chart signal. It seems that FNV.TO has moved into an area of significant resistance levels that it has had trouble moving above in the past. Resistance can be found at $209.21 and at $217.66 above.
To the downside, initial support can be found at $182.13 and below this at $168.26 which is the bottom of early March move and lines up with a long-term trend upwards trend line. A small pull-back may be expected based on its history before moving back up to challenge through upwards resistance.
With a bullish SMAX score of 7, FNV.TO is exhibiting strength against the asset classes.
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