Hudbay Minerals Inc - (HBM.TO) - November 9, 2022 (Daily Stock Report)




Base Metal Miner Hudbay Minerals Inc. (HBM.TO) has been climbing back up the Yellow Neutral Zone in the SIA S&P/TSX Capped Composite Index report this past week, bouncing back from a extended dip into the red unfavored zone which began last Spring. The shares have moved up 83 spots in the last month, including a rise of 130 spots in the last week to 60th place which has it sit right at the top of the Yellow Zone.

In looking at the attached candlestick chart, we see the shares found a bottom at approximately the $4.00 level back in July. Most recently, we see that Hudbay Minerals (HBM.TO) surged upward last week, breaking out of a $5.00 to $6.50 recent consolidation range to signal the start of a new upleg indicating renewed accumulation has begun in the shares. The next area of resistance appears near the $7.75 area with support at its recent break out point of $6.50.


In looking at the attached point and figure chart of Hudbay at a 2% scale, we see that the shares recently broke out above its previous resistance level at $6.24 and is quickly approaching the long tern down trend line at $6.89.

If the shares manage to break through its down trend line, next resistance appears to be at $7.76 and, above that, $8.40. To the downside, support can be found at the 3 box reversal level of $6.24 which was also its prior resistance.

With a SMAX score of 10 out of 10, HBM.TO is exhibiting near term strength across 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.

Previous Article
da bull and and a bear

Tech Talk for Wednesday November 9th 2022

Next Article

Brooke Thackray: January Pivot?

Related Posts
Subscribe to notifications
Watch. Listen. Read. Raise your average.