First Quantum (FM-T, Monday’s close $23.09) declined from $45.38 to $18.68 in 2022 (A-B), had a recovery rally to $39.13 in 2023 (C) and then resumed the long-term downtrend to a low of $9.31 in by the end of the year (D). After a recovery rally to $20.76 in 2024 (E), First Quantum settled in a horizontal trading range mostly between $15 and $21 (dashed lines). The subsequent advance above this range suggests the start of an up-leg (F). However, this move may run into resistance at the long-term falling trendline (dotted line). A sustained rise above $30 would exceed this line and signal higher targets.
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the current bullish status. There is good support near $20-21; only a sustained decline below this level would cancel the current upside potential.
Point & Figure measurements provide targets of $26 and $29. Only a sustained rise above $30 would signal higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com