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On June 29 ($67.14), we identified a bullish Inverse Head-and-Shoulders formation (solid lines) and reported that the rise above $62-$63 (the neckline of the pattern – dotted line) signalled an initial target of $74. Almost immediately, a sharp rise moved Agnico-Eagle Mines (Friday’s close $79.99) to a recent high of $86.39 for a 29-per-cent gain at that time (A).

At this point the stock became extremely overbought, had a minor correction (B) and found support near its 40-week Moving Average (40wMA) near ±$68 (B). Now the stock appears ready to resume the up-trend (C). Only a sustained decline below ±$68 would be negative.

Point & Figure measurements provide targets of $89 and $99. The large Inverse Head-and-Shoulders formation (solid lines) supports higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 4:00pm EST.

SymbolName% changeLast
AEM-T
Agnico Eagle Mines Ltd
+2.17%118.59

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