We reported a major breakout from a bullish “W” pattern (dashed lines) and higher targets on a couple of occasions during the past year. Our most recent report (January 4, 2020 – $134.12) provided a target of $150, which was reached and exceeded earlier this year (A). After a brief correction (B), Franco-Nevada (Friday’s close $205.59) quickly resumed the up-trend (C). A minor correction may occur toward support near ±$190; only a sustained decline below ±$170 would be negative. Behaviour indicators including the rising 40wMA and the rising trend-line (dashed line) confirm the bullish status. Point & Figure measurements provide a target of $230. Higher targets are visible.
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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.
Chart source: www.decisionplus.com
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