Daily Stock Report

Agnico Eagle Mines Ltd. - (AEM.TO) - August 24, 2020 

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 reaching a low this past year in late March when the broader market sell off ended, Agnico Eagle has been in a steady uptrend which has not broken as of yet. Looking at the candle stick chart we can see support near the $100 round number area and then below that approximately between $96-$98 Resistance can be found near the $112.00 area.

After a brief period of relative weakness earlier in the spring, Agnico Eagle Mines had re-entered the Favored Zone of the SIA TSX 60 Index Report on June 30th. Since that time, the stock has had a very nice move from $86.93 to Friday’s close at $104.86 which is a positive 20.6% move while in the favored zone in less than 2 months. It currently remains in the Favored Zone of the SIA TSX 60 report in the #1 spot.

It is quickly approaching the first line of support at $102.01 which corresponds with the 3-Box Reversal level. Below that, the next level of support is at $96.13. Resistance is at the most recent high of $112.63. if it manages to break above this resistance level, the next area of resistance is at approximately $130.00.

With an SMAX score of 9 out of 10, Agnico Eagle is showing new-term strength against all asset classes.

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