On Dec. 22, 2022 ($13.60) we identified a large trading range mostly between $9.00 and $11.50 (dashed lines), a breakout that occurred as Alamos Gold pierced above $12.00, and we provided targets of $14.50 and $15.50.
Following our report, Alamos Gold AGI-T started an up-leg and reached $15.54 in January to fulfill our targets (A). After a minor correction to $13.35 near the rising trendline (B – solid line) it resumed the uptrend reaching a new multiyear high of $19.18 (C). The stock is currently in the midst of another minor correction for a good entry level. There is good support near $14.50-15.00; only a sustained decline below this level would be negative.
Point & Figure measurements provide a target of $20. 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
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