After rallying on a relative strength basis in early 2025 but slipping throughout the summer months, shares of Franco-Nevada Corp. (FNV.TO) have resumed their upward movement. They have gained 15.45% over the past month and are up 19.30% over the past quarter, compared to the SIA S&P/TSX Composite Index (TSX.I), which is up 4.57% and 9.83%, respectively. This outperformance has led to FNV.TO's march up the SIA relative strength rankings, where it has climbed to 16th position within the SIA S&P/TSX 60 Index Report, just below the favored zone for rules-based SIA practitioners. For many years, shares of FNV.TO had been stuck below the $200 resistance level (now support), where each time it would rally to this level, it would be met with supply. However, the action earlier in 2025 cleared the way as demand took control of the shares, pushing them up to the $240 level before testing support in late summer, which advisors generally agree is technically healthy.
Shares have now begun to rally once again and have produced another point and figure double top at $246.20, rallying up to current levels at $272. If you consider the long-term consolidation range that was built with the shares from 2020–2025 pre-breakout to produce a horizontal and vertical point and figure target, SIA practitioners could establish new resistance levels at $312.24 and another slightly above at $337.98. Support, on the other hand, would initialize at the 3-box reversal level of $251.13, with long-term support at the $201.97 level, which again is consistent with the psychological whole number level of $200 — a sticky point on the way up and one that might serve as solid support now that this level has been both penetrated and tested. FNV.TO is a constituent member of the SIA Metals and Mining Sector, which is a favored group within the SIA Sector Report, where it currently sits in a commanding #1 position. Compared against SIA's five alternative asset classes to produce its SMAX score, we find a near-perfect reading of 9 out of 10, further supporting and rounding out its relative strength.
Franco‑Nevada Corporation is a Toronto-based royalty and streaming company focused primarily on precious metals, operating by providing financing to mining companies in exchange for royalties or future production streams (not operating mines themselves). It boasts a diversified global portfolio of cash‑flow‑generating royalty and streaming assets.
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