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Seabridge Gold Inc. (Friday’s close $$15.83) rallied from $4.34 to $20.71 (A-B) and then settled in a horizontal trading range mostly between $12 and $17. The recent rise above the top of this range suggests a breakout and the start of a new up-trend (C); a rise above ±$20 would confirm it.

Seabridge Gold is currently in the midst of a correction; there is good support near ±$15; only a sustained decline below this level would be negative.

Once the correction is completed, the stock should resume the up-trend toward higher targets. A rise above ±$17 would suggest the resumption of the up-trend.

Point & Figure measurements provide targets of $22 and $24. Higher targets are visible.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/05/24 4:00pm EDT.

SymbolName% changeLast
SEA-T
Seabridge Gold Inc
+1.88%20.54

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