Daily Stock Report

Alamos Gold Inc. - (AGI.TO) - November 24, 2022

Alamos Gold (AGI.TO) has been steadily climbing its way back up the relative strength rankings in the SIA S&P/TSX Composite Index Report since March, ending an 18-month stay in the red zone and recently returning to the Green Favored Zone for the first time since the summer of 2020. AGI.TO climbed another 13 spots to 13th position yesterday and it is up 22 places in the last month. 

A major breakout is underway in Alamos Gold (AGI.TO) shares. After selling off in the second half of 2020, Alamos spent all of 2021 and most of 2022 range bound between $8.75 and $11.50 building a base for recovery. Following multiple successful support tests at the bottom of that channel over the spring and summer, AGI. TO came under renewed accumulation in September, regaining $10.00, flipping its 50-day average from resistance to support, and establishing a new uptrend of higher lows. 

Earlier this month, AGI broke out over $11.50 to confirm the start of a new advance, and has continued to climb, taking a run at the $13.00 level with gains accelerating this week. Next potential resistance appears near $14.25 based on a measured move from the base, followed by the previous peak near $15.00. Initial support appears near the $11.50 breakout point. 

Alamos Gold (AGI.TO) has come under renewed accumulation since September, bringing 18 months of sideways drifting to an end and launching into a new recovery trend. An initial rally in September was followed by a symmetrical consolidation triangle that was successfully completed to the upside. Since then, the shares have continued to climb building a bullish High Pole and trading at their highest levels in two years. 

Potential upside resistance appears near $14.10 based on a vertical count, $14.65 based on a horizontal count, or $15.25 based on a retest of the July 2020 peak. Initial support appears near $12.00 based on a 3-box reversal. 

With a perfect SMAX score of 10, AGI.TO is exhibiting strength across the asset classes. 

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