Hudbay Minerals Inc. - (HBM.TO) - February 22, 2021

by SIACharts.com

Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index report this month, bouncing back from a brief dip into the yellow zone. The shares have moved up 74 spots last week, including a rise of 16 spots on Friday to 9th place.

Hudbay Minerals (HBM) surged upward again last week, breaking out of a $7.00 to $9.50 recent consolidation range to signal the start of a new upleg and regaining the $10.00 round number level for the first time since early 2019. Currently the shares are bumping up against $10.25 resistance where a breakout would confirm that the current uptrend remains intact.

Based on the shares previous peak back in 2018 and a measured move from the recent consolidation range, next potential upside resistance appears in the $12.00 to $12.50 zone. Initial support appears near the $9.50 recent breakout point.

Friday’s rally in HudBay Minerals (HBM.TO) not only regained the $10.00 level but completed a bullish Double Top, the latest in a series of bullish pattern breakouts since the shares bounced off of $2.00 back in March. Currently, the shares are bumping up against resistance at a high back in April of 2019. A breakout over $10.25 would provide additional confirmation of the strength of the current uptrend.

Next potential upside resistance appears in the $12.25 to $12.75 range where vertical and horizontal counts converge. Initial support appears near $9.25 based on a 3-box reversal.

With a bullish SMAX score of 8, HBM.TO is exhibiting near-term strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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