On Jan. 26 ($16.61), we identified a breakout from a large trading range (dashed lines) and provided targets of $17 and $19. Shortly afterward, SSR Mining Inc. rallied to $20 to fulfill and exceed our targets (A).
The stock then pulled back to its rising 40-week Moving Average (B) and on July 6, 2019, ($17.30) we described how the rise above ±$16 signalled the resumption of the up-trend toward targets of $20 and $22. Soon after our report, SSR Mining rose to a high of $23.42 to fulfill and exceed our targets once again (C).
There is good support near $18; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $24 and $27. 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
Monica Rizk
Ron Meisels