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Yamana Gold 's Jacobina mine in northern Brazil, 9 km from the town of Jacobina. It is a long-life, underground mine. (Yamana Gold)
Yamana Gold 's Jacobina mine in northern Brazil, 9 km from the town of Jacobina. It is a long-life, underground mine. (Yamana Gold)

What the Charts Say

Bullish on Yamana Gold Add to ...

In our previous report (Oct. 29, 2011 – $15.40) we reported that Yamana Gold Inc. was in the midst of a breakout with targets of $17 and $19. Our first target has been reached and the second is on the horizon. Yamana traded in a large wedge pattern made up of higher lows and lower highs (dashed lines). The recent rise to $17.92 (A) signalled the breakout from this wedge and the resumption of the long-term up-trend. Only a decline below about $14.50 would be negative. Point & Figure measurements provide targets of $19 and $22.

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Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com web site. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 
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YRI-T Yamana Gold Inc. 8.75 0.0000
0.00 %
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