Hudbay Minerals (HBM.TO) has started to climb back up toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index Report, moving up six spots yesterday to third place.
Hudbay Minerals (HBM.TO) has been under accumulation for over six months now, steadily establishing higher lows, snapping a downtrend line back in May and completing a bullish Ascending Triangle Base with a breakout over $5.50 back in August. The shares had spent the last few weeks in consolidation mode but this week’s breakout over $6.25 indicates that short-term resistance has been overcome and a new upleg has commenced.
Initial upside resistance tests appear near a measured $7.25, then the $7.50 round number, a longer-term downtrend resistance line test near $8.00, and then near $9.00 based on a measured move from the Ascending Triangle. Initial support appears near the $6.25 recent breakout point.
Since bottoming out in March, Hudbay Minerals (HBM.TO) shares have been under steady accumulation, completing a series of bullish Double Top and bullish Spread Double Top breakouts, with consistently higher lows indicating continuing underlying support. Back in August, the shares snapped a downtrend line to confirm the start of a new uptrend and this week, the shares have completed another bullish Double Top breakout over $6.25 to signal the start of a new upleg.
Initial upside resistance appears in the $7.45 to $7.60 range where a horizontal count and previous column high cluster around the $7.50 round number, followed by $7.90 and $8.55 based on vertical counts. Initial support appears near $61.0 based on a 3-box reversal and a retest of the recent breakout point.
With a perfect SMAX score of 10, HBM.TO is exhibiting near-term strength across the asset classes.
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