Yesterday, the focus was on the copper name Rio Tinto, which has exhibited an upside breakout within its chart pattern. In today’s Daily Stock Report, attention shifts to another copper stock, First Quantum Minerals Ltd (FM.TO), which has also displayed several constructive technical characteristics. FM.TO initially entered the Favored Zone of the SIA S&P/TSX Composite Index Report on June 26, 2025, at a price of $24.15 and currently remains in the Favored Zone at the 30th position. The shares briefly moved into the yellow Neutral Zone but did not re-enter the red Unfavored Zone, suggesting relative resilience compared with the broader S&P/TSX Composite Index.
Yesterday, the shares closed at $36.49, representing a 51% increase from the point at which FM.TO entered the Favored Zone. This performance may have benefited advisors who elected to hold the name while it remained within the green and yellow zones, as the shares did not decline back into the red Unfavored Zone. This type of positioning may appeal to advisors seeking a less tactical approach, focused on avoiding unfavored names while maintaining exposure to favored and neutral names in an effort to help manage portfolio turnover.
Currently, the shares have advanced 25 positions over the past month, with gains of 52.49% over the last six months. Over the same period, the S&P/TSX Composite Index has risen 19.50%, representing relative outperformance of approximately 33% versus the broader Canadian benchmark. This relative strength may highlight the effectiveness of SIA’s methodology, which emphasizes remaining invested in stronger names while avoiding those that tend to reside in the red Unfavored Zone.
Turning to the candlestick chart and examining a daily timeframe over the past year, a positive trend appears to have developed beginning in early April, when the shares bottomed near the $15.00 level. A sustained advance followed, with the shares reaching a peak just below $33.50 in October. From that point, the shares retraced to approximately $27.50 on two occasions in November, forming what appears to be a double bottom, while remaining above the $24.15 level at which they initially entered the Favored Zone.
More recently, bullish momentum appears to have re-emerged, with the price moving above the prior October peak near $33.50 earlier this month, suggesting the broader uptrend may still be intact.
With the shares now registering a new higher high in the broader trend, the Point and Figure (P&F) chart using a 2% box size is reviewed to identify key areas of support and resistance. An assessment of the price action since the broader market bottom in April shows the shares holding support at the long-term green uptrend line near $15.09, followed by a strong advance from April through October. This move was followed by a notable pullback from October into November, retracing approximately one third of the gains achieved since April.
More recently, bullish momentum appears to have re-emerged, with a strong rising column of 14 Xs forming during the current month and moving above the prior peak at $32.66. From a longer-term perspective, near-term resistance is approaching at the $39.03 level, where the shares previously stalled on two occasions in June 2022 and July 2023. A move above this level could establish a higher high, with subsequent resistance levels identified at $43.09 and then $44.84, based on prior longer-term highs. On the downside, initial support is identified at the 3-box reversal level of $33.98, with additional support near $32.66. First Quantum currently exhibits a bullish Spread Double Top pattern and holds a SMAX score of 10 out of 10, reflecting strong short-term relative performance versus other asset classes.
First Quantum Minerals Ltd is a diversified mining company. Its primary activities include mineral exploration, mine engineering and construction, and mining operations. The company produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. Its operating assets are located in Zambia, Finland, Turkey, Spain, and Mauritania. The company’s project portfolio includes Guelb Moghrein, Sentinel, Kansanshi, Cobre Panama, Pyhasalmi, and Ravensthorpe, among others. A significant portion of revenue is generated from the Cobre Panama operation.
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