Agnico Eagles Mines Ltd (AEM.TO) - December 23, 2022
Agnico Eagle Mines Ltd (AEM.TO) has re-entered
the Favored Zone of the SIA S&P/TSX 60 Index Report yesterday moving up two
spots to the 14th ranking. AEM.TO has moved up sixteen spots over
the last month and rising from the last ranking in the summer around $50 to now
over $70. Agnico Eagle Mines Limited engages in the exploration, development,
and production of mineral properties in Canada, Mexico, and Finland. The
company operates through Northern Business and Southern Business segments. It
primarily produces and sells gold deposit, as well as explores for silver,
zinc, and copper deposits.
After a period of consolidation in the summer, Agnico
Eagle Mines slowly moved upwards off the base and has accelerated its upwards
move over the last three months. This upwards movement has culminated to a 8.4%
performance over the last month and up 28.3% over the last quarter. The 200-day
moving average did cross over below the 50-day moving average just recently
which might be a sign that some of this recent momentum might pause into a
brief consolidation pattern. Resistance above could see the $75 level come into
play if this recent strength does continue.
On a 2% scale for a point and figure chart, AEM.TO has recently moved through prior resistance above $70. This could signal the next resistance level at $77.68 come into play. The prior 2022 high at $82.43 could come into play as the next resistance level if this upwards movement continues. To the downside, support is found based on a three-box reversal at $65. Further support can be found below at $61.25 which is the level that signaled the start of its current Triple Top chart pattern. Further support is found at $55.47. With an SMAX score of 9 out of 10, Agnico Eagle is showing new-term strength against all asset classes.
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