Skip to main content

Inmet is a global mining company that produces copper and zinc.

IGOR DMITRIEV/GETTY IMAGES/IGOR DMITRIEV/GETTY IMAGES



During the last five months of 2011, Inmet Mining traded in a bullish technical pattern known as an inverse head-and-shoulder formation (dashed lines). The recent rise to $70.34 (A) above the neckline (dotted line) signalled a breakout above this pattern, and also the start of a new major up-leg toward significantly higher targets. Only a decline below $61-$62 would suggest additional base-building is required before a sustained up-move.

Point & Figure measurements provide targets of $77 and $84. The inverse head-and-shoulder formation (dashed lines) supports significantly higher targets.

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 website. They may hold shares in companies profiled. Please see the site for a glossary.

Story continues below advertisement

Chart source: www.decisionplus.com

Report an error Editorial code of conduct
As of December 20, 2017, we have temporarily removed commenting from our articles as we switch to a new provider. We are behind schedule, but we are still working hard to bring you a new commenting system as soon as possible. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.