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.
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