Franco-Nevada Corp. (Friday’s close $102.22) rallied from $58.67 in January, 2016, to $105.69 in August, 2016 (A-B), declined to $71.44 in December of the same year (C), rallied to $102.19 in December, 2017 (D), and then declined to $76.53 in September, 2018 (E).
The recent rise above the falling trend-line (dotted line) and above the newly rising 40wMA (F) signalled the start of a new up-trend toward higher targets (solid line). There is good support near $92-93 and only a sustained decline below ±$91 would be negative.
Point & Figure measurements provide targets of $120 and $130. Higher targets are visible
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
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Chart source: www.decisionplus.com