It looks like this descending trendline will be broken in the following days/weeks. Then we could see a continuation of the bullish trend in this stock. According to fundamentals, it's somewhat likely that this mining corporation will benefit from the worldwide money inflation.
Technically, with a break of the trendline and a bullish impulse, the moving averages will line up, indicating an overall bullish chart picture.
Technically, with a break of the trendline and a bullish impulse, the moving averages will line up, indicating an overall bullish chart picture.
Comment:
So, I've got to re-draw this triangle. It is now drawn on the weekly timeframe, ignoring last year's high from the 18/19th of October. I assume that this triangle gets broken to the upside (because it's a mining stock, and everything that produces hard commodities may be precious in these times). But we must wait and see. In any case, the break should be a bit more powerful, seeing the prolonged consolidation of this stock.
Comment:
Re-adjusted the triangle. Looks like we're now finally breaking it to the upside:
Comment:
On the weekly chart, it even looks clearer. Next week, the horizontal resistance at 0.43-0.44 CAD needs to be taken out, but IMO, this is just a matter of time. So I expect a bullish move here.