Credit: Shutterstock photoYamana Gold Inc. (NYSE: AUY ) - This large-cap Canadian-based miner engages in the acquisition, exploration, development and operation of gold properties.
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On April 30, I said , " Now, with the penetration of the bearish resistance line in early April, and the increase in volume , just as the stochastic issued a buy signal, it appears that AUY is about to break through a triple-top and launch a run to around $13.
"A half position could be bought now, and a full position taken when the stock either breaks through the triple-top or pulls back to support at its 50-day moving average now at $10.30."
The breakout happened on May 11, and like many high-volume breaks, it quickly reversed to just under its breakout point where it is a strong buy.
Note the heavy accumulation that preceded the breakout and that yesterday's intraday low rested precisely on the 200-day moving average.
The target remains at $13.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
