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(NYSE:FNV) is a leading tell for the miners. It gapped down to a test of its 200-day moving average this morning, testing its April low in the process, and it has already carved out an outside up day. The April low was defined by an outside up week, which led to a turn up in the 3-week chart, which ended up marking a pivot high. So, this is a logical place to expect a rally attempt. However, reclaiming its 50 DMA suggests something more is afoot, such as another higher low on the daily and weekly charts.
The bear case is a continuation Head & Shoulders on the weekly chart from August 2013, but that pattern looks misshapen.
Below, see daily and weekly Franco-Nevada charts from August 2013 with Franco-Nevada's 50 (Blue) and 200 (Yellow) DMAs.
Click to enlarge
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