FNV climbs to highest close ever
Franco-Nevada Corporation (FNV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FNV finished the week 2.35% higher at 115.60 after gaining $0.99 (0.86%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 115.60 marks the highest recorded closing price ever. Closing above Thursday's high at 115.25, Franco-Nevada confirmed its breakout through the prior session high after trading up to $0.82 above it intraday.
Daily Candlestick Chart (FNV as at Feb 14, 2020):
Friday's trading range has been $1.81 (1.58%), that's slightly below the last trading month's daily average range of $1.85. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FNV.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 114.26 earlier during the day, the market bounced off the key technical support level at 114.50 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on February 6th, FNV actually lost -1.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for Franco-Nevada. Out of 50 times, FNV closed lower 66.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.00% with an average market move of -0.36%.