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« Staccato Gold Gains Over 23% Yesterday | Main | Portfolio Update 18 July 2007 »

Agnico Eagle: Up 5.11% and Approaching All Time High

Agnico Eagle continues to impress, gaining 30% in the last month and breaking through some technical resistance at $42.00.

Agnico Eagle: Up 5.11% and Approaching All Time High

Now it appears to be looking to challenge its all time high of $45.52.

Although some of the technical indicators such as the STO and RSI are looking overbought, we are going to hold this stock through any possible pullback or correction.

We have been shareholders of this stock for many years and the reason we will continue to hold through any possible pullback is because AEM does not always pay attention to its technical indicators. In the past this gold stock has been capable of rising despite appearing overbought and it has shown defiance in the past by trading at the top of its STO and RSI for prolonged periods of time.

In addition to this, it is worth noting that the 50 day moving average is looking to break up though the 200dma, a very positive sign. In fact, the last time this happened, AEM shares rose over 200% in the next 6-7 months, so we think its worth holding on to this one for now.

Agnico Eagle trades as AEM on the NYSE and TSX.

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