Technical Analysis of Financial Markets

Sunday, September 16, 2007

Agnico-Eagle Mines (AEM)

Driven by gold reaching a 16-month high, Canadian gold miner, Agnico-Eagle, has hit an all-time high of $50.35. For over the last 16-month period, Agnico-Eagle has been trading in an ascending range fluctuating approx $12 between highs and lows. Any profit-taking in commodities may impact Agnico-Eagle; likewise, an anticipated interest rate cut by the Fed on Tue 18th may also impact commodities. Analysts at UBS have downgraded Agnico-Eagle from a "buy" rating to "neutral", however, a target price has been raised from $50 to $53 (see

No comments: