Aurizon Mines Ltd. had a sharp rise from $1.21 in October, 2008, to $6.24 in April, 2009 (A-B) and then settled into a wide horizontal trading range mostly between $3.75 and $5.90 (dashed lines). The subsequent rise to $7.42 (C) signalled the breakout from this range and was confirmed by the recent high of $8.41 (D).
Only a decline below the 40-week moving average (currently at around $6) would be negative.
Measurements provide an initial target of $9.50 (a 31.6-per-cent appreciation potential from current levels). Higher targets are visible.
Ron Meisels is a contributor to the www.NA-marketletter.com website. Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.
Chart source: www.decisionplus.ca