Monday, November 23, 2020 12:11 PM EDT
Leading gold mining stock, Agnico Eagle Mines Ltd (AEM), is coming under sharp selling pressure today. This leading gold mining stock is declining with most of the other leading gold stocks in the industry group, so this selloff is not specific to Agnico Eagle Mines Ltd (AEM) stock. Traders should note that AEM is breaking below its important 200-day moving average. This decline puts the stock in a weak technical position on the charts. Often, it will also lead to further downside before the stock will find some solid institutional sponsorship.
Traders and investors should now watch the $58.00 level for major chart support. This level is where the stock was defended back in early June 2020 before breaking out to new all time highs. Usually, key support levels that led to a major breakout will be defended when initially tested. I will be looking at a long trade in Agnico Eagle Mines Ltd (AEM) stock at this important support area.
(Click on image to enlarge)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.