Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index report this month, bouncing back from a brief dip into the yellow zone. The shares have moved up 74 spots last week, including a rise of 16 spots on Friday to 9th place.
Hudbay Minerals (HBM) surged upward again last week, breaking out of a $7.00 to $9.50 recent consolidation range to signal the start of a new upleg and regaining the $10.00 round number level for the first time since early 2019. Currently the shares are bumping up against $10.25 resistance where a breakout would confirm that the current uptrend remains intact.
Based on the shares previous peak back in 2018 and a measured move from the recent consolidation range, next potential upside resistance appears in the $12.00 to $12.50 zone. Initial support appears near the $9.50 recent breakout point.
Friday’s rally in HudBay Minerals (HBM.TO) not only regained the $10.00 level but completed a bullish Double Top, the latest in a series of bullish pattern breakouts since the shares bounced off of $2.00 back in March. Currently, the shares are bumping up against resistance at a high back in April of 2019. A breakout over $10.25 would provide additional confirmation of the strength of the current uptrend.
Next potential upside resistance appears in the $12.25 to $12.75 range where vertical and horizontal counts converge. Initial support appears near $9.25 based on a 3-box reversal.
With a bullish SMAX score of 8, HBM.TO is exhibiting near-term strength against the asset classes.
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