First Quantum Minerals' Charts Are Bending Upward

Let's see if this Canadian copper stock can make a leap forward.

First Quantum Minerals (Toronto SE: FM) (U.S. OTC:  (FQVLF) ) is a copper mining firm based in Vancouver and listed on the Toronto Exchange. It has a strong looking chart that is poised to move higher.

Let's check out the charts and indicators.

In this daily bar chart of the Toronto-listed shares, below, I can see a stock that is breaking out over the highs of November and breaking out of a large base pattern. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line. The daily On-Balance-Volume (OBV) line shows a nice bullish rise from July telling me that buyers of FM have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator has moved above the zero line for an outright buy signal. 

 

In this weekly Japanese candlestick chart of FM, below, I see a bullish picture. Prices are in a new upward trend and trade above the rising 40-week moving average line. The weekly OBV line has recently made a new high for the move up to confirm the price gains seen. The MACD oscillator is bullish on this longer time frame. 

 

 

In this daily Point and Figure chart of FM, below, I see an upside price target in the $43 area. 

 

 

 

In this second Point and Figure chart of FM, below, I used weekly price data. Here the chart shows a target in the $55 area.

 

 

 

 

Bottom line strategy: I have recently recommended purchases of Southern Copper ( SCCO) and Ero Copper ( ERO) , so the charts of FM are getting the same buy recommendation. Risk to $30. The $55 area is my price objective. 

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