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Agnico Eagle Mines Limited Forecast and Stock Analysis
Technical AEM stock analysis for Monday June 24, 2019.
Agnico Eagle Mines Limited gained 3.92% in the last trading day ( Monday, 24th Jun 2019 ), rising from $50.30 to $52.27 , and has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During day the stock fluctuated 3.50% from a day low at $50.60 to a day high of $52.37. The price has risen in 9 of the last 10 days and is up by 13.98% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.93 million more shares were traded than the day before. In total, 2.77 million shares bought and sold for approximately $144.57 million.
- 30 day high of the AEM stock price was $52.37 and low was $40.66.
- 90 day high was $52.37 and low was $39.66.
- 52 week high for the Agnico Eagle Mines Limited - $52.37 and low - $32.18.
Agnico Eagle Mines Limited has broken the wide and strong rising the short-term trend up and an even stronger rising rate is indicated. For any reaction back there will now be support on the roof on the current trend broken at $47.39, a level that may pose a second chance to hit a runner. According to fan-theory $52.87 will be the next possible trend-top level and thereby pose a resistance level which may not be broken at the first attempt.
Agnico Eagle Mines Limited holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $48.86 and $43.97. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday May 22, 2019, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
* Golden Star Signal* is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Relative Strength Index (RSI)
RSI14 is 91 and the stock is extremely overbought on RSI14, but may also ontinue to gain. Some stocks see their best performance while being overbought, but very seldom does RSI remain so high for a long time without short corrections. Risk has therefore increased and larger daily movements can be expected for the next couple of days.
Support & Resistance
Agnico Eagle Mines Limited finds support from accumulated volume at $49.90.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.77 between high and low, or 3.50%. For the last week, the stock has had a daily average volatility of 2.58%.
The stock is extremely overbought on RSI14 (91). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Agnico Eagle Mines Limited has been rising for 7 days in a row, the risk for the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stoploss: $49.82 (-4.69%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 91 and this increases the risk substantially. There is a buy signal from pivot bottom found 22 days ago.)
2.58 %Average volatility
Very Low Low Medium High Very High
Agnico Eagle Mines Limited holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.
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|AEM $52.27 ($1.97 3.92%)|
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