Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties. It primarily explores for gold, as well as for silver, copper, zinc, and lead. The company’s flagship property includes the LaRonde mine, which comprises a 100% owned LaRonde property that consists of 36 contiguous mining claims and 1 provincial mining lease covering 1,047.4 hectares; El Coco property, which includes 22 contiguous mining claims and 1 provincial mining lease comprising 356.7 hectares; and Terrex property that comprises 21 mining claims and 1 provincial mining lease covering 424.4 hectares, as well as 3 surface rights leases covering in total of approximately 303.6 hectares in northwestern Quebec. It has exploration activities in Canada, Europe, Latin America, and the United States.
Take a look at the 1-year chart of Agnico (NYSE: AEM) below with my added notations:
Over the past 6 months AEM has hit the $30 level as resistance (red)
on 3 separate occasions. In addition, the stock has been climbing a
trend line of support (green) since mid-September. Eventually, the stock
will have to break either the $30 resistance or the triangle support.
The Tale of the Tape: AEM is winding up between two
key levels. A long trade could be made at the triangle support or on a
break above $30. A break below the trendline would be an opportunity to
enter a short trade.