DUNDEE PRECIOUS METALS (DPM.TO) - March 28, 2024 (Daily Stock Report)

by SIACharts.com

With the price of Gold (GC.F) rallying to new all-time highs recently, gold producers such as Dundee Precious Metals (DPM.TO) have been increasing in relative strength lately. About a month ago, DPM.TO climbed up from the Unfavored zone to the border of the Neutral zone and the Favored zone of the SIA S&P/TSX Composite Index Report, unwinding a tumble down the rankings that occurred over December and January.

DPM.TO finished yesterday in 55th position, up 4 spots on the day and up 101 places in the last month.

A major breakout is underway in Dundee Precious Metals (DPM.TO) shares this week. A year ago, DPM.TO broke out of a downtrend, and rallied up into the $7.75 to $10.25 zone where it has been consolidating gains for the last year. A downswing bottomed out near the bottom of the range back in February and in recent weeks, DPM.TO has been on an upswing.

This week, DPM.TO has broken out to a new all-time high, confirming ongoing accumulation and signaling the start of a new uptrend. Based on a measured move from the recent range, the next potential resistance may appear near $12.75. Initial support moves up to the $10.00 round number from $9.50.

Dundee Precious Metals (DPM.TO) first came under accumulation just over a year ago when they snapped out of a downtrend and rallied into the $7.75 to $10.50 range where they have been consolidating for nearly a year. Bouncing back from a drop down to the bottom of the range, the shares have been on an upswing for the last month, rallying to the top end of the range.

DPM.TO has already completed a bullish Spread Quadruple Top breakout. A close above $10.50 at a new high would complete a pending spread triple top pattern and confirm the start of a new advance. Should that occur, horizontal counts suggest the next potential resistance on trend may appear near $11.55 or $12.25. Initial support may emerge near $9.45 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 9 out of 10, DPM.TO is exhibiting short-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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