Yamana Gold Inc. (NYSE: AUY) — This large-cap Canadian-based miner engages in the acquisition, exploration, development and operation of gold properties.
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AUY has been consolidating following a pullback from a high at just over $14 last December.
On April 30, I said, ” Now, with the penetration of the bearish resistance line in early April, and the increase in volume, just as the stochastic issued a buy signal, it appears that AUY is about to break through a triple-top and launch a run to around $13.
“A half position could be bought now, and a full position taken when the stock either breaks through the triple-top or pulls back to support at its 50-day moving average now at $10.30.”
The breakout happened on May 11, and like many high-volume breaks, it quickly reversed to just under its breakout point where it is a strong buy.
Note the heavy accumulation that preceded the breakout and that yesterday’s intraday low rested precisely on the 200-day moving average.
The target remains at $13.
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