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.
Note
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.Note
Re-adjusted the triangle. Looks like we're now finally breaking it to the upside:Note
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.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.