(8/1000)
Ascending Triangle for FM on the Canadian exchange.
Not Confirmed yet.
Pros:
1- Bullish Ascending triangle
2- Descending volume during formation
3- PPS above 50MA and 200MA
4- R/R ratio above 5
5- 250RSI above 50 and climbing
6- 50MA above 200MA
7- 200MA ascending.
8- Golden cross circled in blue
Cons:
1- ATR is descending, less volatile
2- Triangle...
First Quantum Minerals shows an interesting long term chart pattern. On lower timeframes, FM completed its corrective wave (2) at 50% of the fib retracement and price has broken the terminus of wave (1). This provides confirmation that an impulsive wave (3) in now occurring and we could expect the next target levels.
1. CAD$ 58/share
2. CAD$ 74.45
Disclaimer:...
TSX | Materials | Precious Metals sector is improving.
USD has reached an important resistance
The INVERSE relationship between the US Dollar and commodities.
In very simple terms, I can see FQM stock price going to my second target levels around 61.8%, we could potentially see the stock price trade around CAD$16.32/share in the next few weeks. On the daily timeframe, price has been trading below the 100 SMA and we could see a continued bearish trend to complete the corrective phase.
Please refer to initial correction...
Here, I make my FQM stock chart available. The impulsive wave on FQM has come to an end, we can expect price to make a corrective wave structure as indicated by the arrows and highlighted zones.
First Quantum made all time highs back in around March 2011.
If it breaks through it's long term trend resistance line, it could be making all time highs again in 2021. Economic backdrop is setup for minerals. If it doesn't break through this resistance line soon, not sure what will make it break through, aside from a massive mineral find.
For trading, this...
It seems like black magic sometimes how the squares of math lines up with future price. But, using the Gann box can help you look right instead of left. That is powerful.
Trade safe
M~
FM - Watching for reaction off of this level. Has bounced historically from this level. Has been making lower highs on the larger timeframe. Might be out of steam but watching for direction.
I believe, the FM rallied more than it had to. On 30 min time frame I think elliot wave is (upward move part) is completed right now, I expect to see a consolidation so it can continue to its run. I believe valuations are there but here is still global macroeconomic uncertainty, this weakness might be some profit taking or trimming of some of the position before...
