Gold miner Dundee Precious Metals (DPM.TO) jumped 6.0% on news of positive exploration results from a project in Serbia yesterday. This enabled the shares to jump 71 spots in the SIA S&P/TSX Composite Index Report to 33rd place. Including yesterday, DPM.TO has climbed 174 positions in the last month from the red zone back up into the Green Favored Zone for the first time since December of 2020.
Dundee Precious Metals (DPM.TO) recently completed a bullish Ascending Triangle base and snapped out of a downtrend. Since blasting through $7.00 resistance, which has reversed polarity again to become initial support, the shares have continued to rally, indicating continuing accumulation.
Based on a measured move and the October 2021 peak, initial upside resistance may appear in the $8.75 to $9.00 zone, followed by $10.00 where previous peaks and a round number converge.
A two-year downtrend in Dundee Precious Metals (DPM.TO) shares bottomed out back in September and since then, the shares have been increasingly recovering. Over the latter part of 2022, the shares snapped out of a downtrend and established a higher base of support. This month, accumulation has accelerated with the shares launching up into a bullish High Pole, completing bullish Double Top and Spread Double Top breakouts and trading above $8.00 to reach their highest level since last February.
Vertical and horizontal counts suggest initial resistance may appear near $8.85, followed on trend by previous highs near $9.20 and then the 2020 peak near the $10.00 round number. Initial support appears near $7.40 based on a 3-box reversal. With a bullish SMAX score of 9, DPM.TO is exhibiting strength against the asset classes.
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