On Jan. 26 ($16.61), we identified a breakout from a large trading range on SSR Mining (dashed lines – Friday’s close $17.30) and we provided Point & Figure targets of $17 and $19. Shortly afterward, the stock had a sharp rise to $20 to fulfill and exceed our targets (A).
The stock became overbought at that time and quite far above its 40-week Moving Average (40wMA). After a minor correction toward its average, it found support near ±$14.50 (B). Only a sustained decline below ±$15 would be negative.
The recent rise above ±$16 signalled the resumption of the up-trend.
Point & Figure measurements provide targets of $20 and $22. The large trading range (dashed 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