Wednesday, February 20, 2008

Agnico-Eagle's Ascending Triangle?

After making the mistake of selling my remaining Agnico-Eagle Mines (AEM-T) shares last year, and missing the big swing up since then, I entered back into AEM today after it broke through its resistance yesterday.

Once again, I entered my position at a higher price than I would have liked on the day but based on the ascending triangle (that I think I recognized properly), this stock hopefully has some upside in the months to come if gold continues its gallop to $1000 and beyond.

After the market closed today, AEM reported record fourth quarter results.

Agnico-Eagle finished the day at:
(AEM-T) $67.93 +0.93 (1.39%)
(AEM-NYSE) $66.77 +1.36 (2.08%)

According to Kitco, Gold closed with a Bid of 944.00 and Ask of 944.80 (+16.30, +1.76% for the day).

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