Having earlier established that the strength within the SIA Metals and Mining sector report is mainly in the precious metals subsector, today we will review First Quantum Minerals (FM.TO) for its technical attributes, along with its support and resistance levels. From a relative strength perspective, shares of FM.TO have been ranking poorly within the SIA S&P/TSX 60 Index Report, where they were buried deep in the Unfavored zone for most of 2024. However, in the fall of 2024, shares of First Quantum began to rally up the matrix as copper prices soared, but this momentum has since dissipated. As a result, shares of FM.TO have moved from the SIA Neutral zone back down into the Unfavored zone, where they currently sit in position #36. This move up the matrix into the yellow zone can be seen in the attached point and figure chart, as well as the move in price from the $14 level up to the negative trend line at $20.71. As is often the case, the share price bounced off this strong, negatively trending point and figure trend line, spending the latter part of 2024 and early 2025 consolidating around this level. Shares are currently priced at $19.38. However, the SIA platform plots this price performance in a relative context, offering a different vector of analysis. Here, we find that the relative strength of FM.TO is not only negative for the shares themselves but also as a constituent of the Unfavored SIA Metals and Mining sector. In addition, it has a negative SMAX score of 2/10, providing another relative reading against other asset classes.
To summarize, FM.TO is underperforming compared to other SIA S&P/TSX 60 stocks, its peers within the SIA Metals and Mining sector, as well as other asset classes, including cash, bonds, currencies, commodities, and equity indexes. The sector it resides in is also underperforming relative to other sectors in the SIA Sector Report. Support on the chart is initially seen at $17.33, with longer-term support at the $14.22 level. From a resistance standpoint, the negative trend line at $20.31 must be tested first, with upper resistance at $24.75 should the shares break through the negative trend. For those looking for exposure to the Metals and Mining sector, we have included a list of positions from the SIA Metals and Mining sector report. Here, we can see that gold and silver stocks are at the top, showing the most relative strength. These names also have the highest SMAX scores and have presented the best returns for 2025 YTD. At the bottom of the list, we find more of the coal, copper, and uranium names, which seem to be lagging behind the precious metals stocks. These sectors are presenting very low SMAX scores and minimal, if not negative, YTD performance numbers.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
