Agnico Eagle Mines Ltd Stock Code AEM.NYS
Outlook
Price broke above the cloud on 17 April 2020 and reached a high of $69.44 on 18 May 2020. After reaching this high, a price correction bought price into the cloud and just below the Fibonacci 38% correction point of the rally. During the correction, price did not go below the cloud, maintaining the bullish trend. Conversion line and Base line have a bullish crossover a few days ago, hinting of a bullish trend as price move above the cloud two days ago. Lagging Span is above price of 26 days ago and also above the cloud as well, confirming a strong bullish trend. MACD is bullish and had a bullish crossover not too long ago, confirming a bullish trend ahead. We are expecting price to test the previous high of $69.44 in the short term and to establish a new high in the longer term.
Strategy
$62.20 Buy
$69.40 Price Target
$59.80 Risk Management Stop
3 weeks Trade Duration
