Following our report on May 7, 2011 – $18.60, Centerra Gold Inc. continued to trade in a large trading range between $14.50 and $19.50 (dashed lines). The long-term rising trend line (solid line) provided support during this corrective period and previous resistance provided support (shaded area). The recent rise to $22.20 (A) signalled the resumption of the long-term up-trend and a rise above $23 would confirm the breakout. Only a decline below $17.50-$18 would reverse the positive status.
Point & Figure measurements provide targets of $24 and $29.
Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.
Chart source: www.decisionplus.com