With the price of gold soaring, junior gold producer Wesdome Gold Mines (WDO.TO) continues to rocket up the rankings in the SIA S&P/TSX Composite Index Report. Wesdome recently returned to the Green Favored Zone for the first time since September of 2020. Yesterday, it finished in 16th position, up 10 spots on the day and up 126 places in the last month.
A big upswing is underway in Wesdome Gold Mines (WDO.TO) with the shares breaking through resistance in the $13.00-$13.50 area (which has reversed polarity and become initial support) to blast through the top of a sideways trading range that had formed above $10.00 over the last nine months, and to complete a bullish Ascending Triangle pattern.
Initial resistance may emerge near $15.00 where a round number and the shares’ summer 2020 peak converge. On a breakout, measured moves suggest potential upside tests in the $16.00-$17.00 area, then the $19.00 to $20.50 area around the $20.00 round number.
Rallying up off of a higher low, Wesdome Gold Mines (WDO.TO) has come under renewed accumulation this month. In recent days, the shares have completed bullish Double Top and Spread Double Top breakouts, including breaking through $13.50 where a quadruple top breakout faltered last autumn.
Wesdome is currently approaching its September 2020 peak near $14.90, where a breakout would confirm that its primary uptrend has resumed. Should that occur, horizontal and vertical counts suggest next potential resistance may emerge near $16.15 and $18.20. Initial support appears in the $13.25-$13.50 area where a 3-box reversal and a retest of a recent breakout point converge.
With a perfect SMAX score of 10, PM is exhibiting strength across the asset classes.
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