Base metal producer Lundin Mining (LUN.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report for the first time since May, continuing a climb up out of the red zone that stated earlier this month. Yesterday, LUN.TO finished in 57th place, up 20 spots on the day and up 131 positions in the last month.
Lundin Mining (LUN.TO) shares have turned decisively upward this week, breaking out over $11.50 to complete a bullish Ascending Triangle base which formed over the four months since a summer 2021 selloff bottomed out near $8.50 last September.
Measured moves from the triangle base suggest potential upside resistance near $14.50 and $17.50 with additional tests possible at previous support and resistance near $13.75 and $15.50. The $11.50 breakout point reverses polarity to become initial support.
A major breakout is underway in Lundin Mining (LUN.TO) shares. Since completing a successful retest of support near $8.75, the shares have been climbing. Earlier this month, they snapped out of a downtrend and then completed bullish Double Top and Spread Double Top breakouts that have extended into a bullish High Pole, all combining to signal the start of a new uptrend.
Initial resistance appears at a previous column low near $13.55, followed by the May 2021 peak near $15.55, and then $16.15 based on a horizontal count. Initial support appears near $11.10, where a retest of a recent breakout point and a 3-box reversal converge.
With a perfect SMAX score of 10, LUN.TO is exhibiting strength across the asset classes.
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