Daily Stock Report

Alamos Gold Inc. - (AGI.TO) - October 4, 2022

Gold producers have started to attract renewed interest recently, including Alamos Gold (AGI.TO). Alamos’ shares have shot up from the red zone of the SIA S&P/TSX Composite Index Report to the Green Favored Zone in the last week, returning to the Green Zone for the first time in over two years. Yesterday, AGI.TO finished in 39th place, up 17 spots on the day and up 105 positions in the last month. 

Alamos Gold (AGI.TO) shares have embarked on a new upswing within the $8.50 to $11.50 trading range which has persisted through 2021 and 2022 to date. Rallying up off of another successful retest of channel support, AGI.TO has regained $10.00 and snapped a six-month downtrend line. 

Channel resistance remains in place near $11.50, where a breakout would confirm the start of a new uptrend. Potential resistance tests after that appear near $12.00 and $13.00 based on previous peaks, then a measured move at $14.50. Initial support appears near the $10.00 round number then the 50-day moving average near $9.75.  

Since the beginning of 2021, Alamos Gold (AGI.TO) shares have been trending sideways, base building following a 2020 selloff. Recently, the shares have started to show signs of life. Last month, the shares staged a quadruple bottom breakdown, but only by one row and then the shares reversed upward, a bullish Bear Trap bottom (circled). Since then, AGI.TO has turned upward, snapping a downtrend line, completing bullish Double Top and Spread Double Top breakouts, and extending the current X column into a bullish High Pole. 

Potential upside resistance appears at previous column highs near $11.10, then $12.25 ad $13.00. Initial support appears near the $10.00 round number, then $9.65 based on a 3-box reversal.  

With a bullish SMAX score of 7, up from 2 only last week, AGI.TO is exhibiting strength against the asset classes. 

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