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Agnico Eagle Mines – Sunday, March 5, 2017

Today I would again like to look at a gold mine. This time I will look at the mid-tier producer Agnico Eagle.

Orange picture with text about Agnico Eagle

My preferred time horizon is weekly so this is what a weekly chart looks like:

Weekly chart of Agnico Eagle from 2014 until now. The 50-week moving average is represented in blue and the 100-week in white. Straight ascending and descending trend lines are also in white.

Figure 1. Weekly chart of Agnico Eagle from 2014 until now. The 50-week moving average is represented in blue and the 100-week in white. Straight ascending and descending trend lines are also in white. Chart: FreeStockCharts

What I see in the chart is that prices were moving sideways for the two years 2014 and 2015 and that they then exploded to the upside.

They have since come down slightly but are still about the double of what they were before the move started.

My odds favor higher prices so I believe that the ascending trend line will act as support when prices come down.

However, it is not given because we also have a lower high which can be interpreted to be bearish.

If I were to put a number on the odds I would say that ther is a 65 to 70 percent chance that the prices will bounce off of the trend line and that there is a 35 percent chance that they will continue down.

We will have to wait and see how it goes.

The post Agnico Eagle Mines – Sunday, March 5, 2017 appeared first on LJ Nissen's blog.



This post first appeared on LJ Nissen Investments, please read the originial post: here

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Agnico Eagle Mines – Sunday, March 5, 2017

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