FM trade ideas
May 10: 17-year long correction ended, generational buyMonthly chart shows AMEX:FM was in a 17-year long WXY correction which bounced strongly at the 0.618 fib (common for a truncated last wave for long-term correction).
The Daily shows that it has been nesting to the upside and is very close to breaking above the previous pivot. Once it breaks above, we can confirm that the correction has ended.
Looking at other copper stocks like NYSE:FCX and also AMEX:COPX , it is very likely that FM just lagged behind and the whole copper sector has indeed ended its decade-long correction.
Minimum upside target is 121.5
FM.CA: Ascending Triangle, Not confirmed (45.67%)(8/1000)(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 not confirmed yet
3- RS below 0 but just a tiny bit
4- 50MA flat
Target price is 51.45$.
Again, stay humble, have fun, make money!
MAAX!
FIRST QUANTUM MINERALS - LONG TERM BULLISHFirst Quantum Minerals shows an interesting long term chart pattern. On lower timeframes, FM completed its corrective wave (2) at 50% of the fib retracement and price has broken the terminus of wave (1). This provides confirmation that an impulsive wave (3) in now occurring and we could expect the next target levels.
1. CAD$ 58/share
2. CAD$ 74.45
Disclaimer: This technical analysis is intended for educational purposes only and must not be taken as investment advice.
First Quantum Minerals Ltd is improvingTSX | Materials | Precious Metals sector is improving.
USD has reached an important resistance
The INVERSE relationship between the US Dollar and commodities.
FIRST QUANTUM MINERALS CORRECTION 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 forecast in link below.
DISCLAIMER:
This is just an idea and must not be taken as a trading or investment advice in anyway.
FIRST QUANTUM MINERALS WAVE COUNTHere, 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 Minerals Ready to Break out to all time highs?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 isn't the spot to buy in, but, it's definitely a spot to watch. However, f you owned it earlier, I would hold.
FM.TO on watchMaterial play. Like this weekly breakout . Long in and above box for wait for pull back target below box if it show short term weakness.
FM price action in a boxIt 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 - Observation hereFM - 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.
Copper Breakdown SHortWeakening copper prices. Stock is looking to test the 9.50-10.00 support. Skimming profit along the way
Short First Quantum Minerals (FM) through puts with good R/RI 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 Trump, Xi meeting. If the meeting blows up further weakness will turn into a sell of, I think out of the money put options or if you have the underlying a protective put would be a smart move at these levels. The reason why OMP is, if meeting goes well copper can get an easy boost inturn lifting fm's price. 2 Major resistances 12 put seems attractive to me.
FM.TO Short Window
A short opportunity potentially going down to support level at $11.0, which can also be broken.
First Quantum Minerals Long November 18 $11 Call OptionTSX:FM breaks wedge yesterday, looking to get in a November 18 $11 call option around 1$ per contract.
Looking to see TSX:FM break out to $13 over the next 2 months.
All or nothing trade with a RR of 1:2
