The Agnico ‘Wedge’

Similar to yesterday’s update, showing a wedge pattern for CRWD, we have another (long term) wedge pattern in Agnico Eagle Mines (AEM).

Focusing on ‘strategy’, when market patterns show up, especially in the longer timeframes, we’ll take notice.

Before getting to the chart, here’s a compilation of Richie Naso quotes and insights that have been reviewed over the past week. It’s always good to hear thoughts from a renowned trader.

Richie Naso Quotes

Marathon, link here.

Algorithms ‘Technical Area’, link here.

Short sellers, more highly skilled, link here.

It’s ‘art’, not science, link here.

Agnico Eagle Mines AEM, Monthly

Taking eighteen years to form a wedge, suggests that whatever happens to AEM, is likely to happen in a big way (not advice, not a recommendation).

Agnico’s weighted as No. 2, (just barely) in Senior Miners Index (ETF) GDX; No. 1 spot, going to Newmont, NEM.

Newmont is scheduled to release earnings this coming Thursday, after-hours.

Unlike, Agnico, Newmont’s is well off its all-time highs, already posted an up-thrust, now coming back to test.

It could get interesting on Thursday.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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