Here’s your trade on Franco Nevada. $FNV – January 25, 2023
ENV GLD GDX
This is Scott with your Chart of the Day. I want to bring your attention to the gold sector. Gold has been performing quite well over the last few weeks here.
This is GLD ( NYSEARCA: GLD ), you can see how it’s just been a really nice trend. All the moving averages are in order, and it’s been working. It has been working before a lot of things have been working. A nice move off the low here and so this is bringing my attention to some of the gold miners, GDX ( NYSEARCA: GDX ) is looking really good.
But if you want a little out-performance maybe consider one of the individual miners like Franco Nevada ( NYSE: FNV ). I don’t have a position in this but this is definitely one of many that we are talking about over at stockmarketmentor.com. This stock is in a nice uptrend, it is above all the major moving averages, and made a new high relative to almost all the highs here for the past couple of months.
You can see how back here, this June resistance was pretty important. It pulled all the way back, off the October low, right back, like a magnet, to that resistance zone. It got rejected, pulled back to the moving averages, and today we finally broke through and made a new high, and did it on a nice pickup in volume here.
So this is definitely one to keep an eye on for a potential pullback buy opportunity to see if Franco Nevada ( NYSE: FNV ) can test the highs from back here at around 158.00-159.00, which is about 5 percent higher. And if it can even come back here to the April 2022 highs. That would be a really nice swing, and that is about 12 percent higher here.
It’s not like a screamer, like a crypto or anything, but a nice steady uptrend that has the potential for a retest of some highs back here in April of 2022. The nice thing is, they don’t have earnings until March so you have time for this trend to play out.
So definitely keep an eye on Franco Nevada ( NYSE: FNV ). Look for a pullback buy to the moving averages along with some other gold miners that are looking really good right now.
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