Alamos Gold AGI-T (Wednesday’s close $13.60) rallied from $4.43 to $15.52 in 2020 (A-B), had a correction toward $9 below a falling trendline (dotted line), and starting in March, 2021 (C), settled in a horizontal trading range mostly between $9.00 and $11.50 (dashed lines). The recent rise above the top of this range confirmed a breakout and the start of a new uptrend toward higher targets (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. The stock is becoming overbought as it rises further above the Average; a minor correction toward $12 would provide a good entry level. Only a sustained decline below $11.00-11.50 would be negative.
Point & Figure measurements provide targets of $14.50 and $15.50. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com