Just last week, we spotted some bullish price actions in AEM as it attempted to push higher after a 3 months consolidation..
Was approaching this key 0.86 resistance level and we were expecting buyers to try to push through.
After some tug of war…. Buyers succeeded…
See target that were drawn then… to the upside…
Then over the next few days…
More strength came back… with buyers clearing above the 0.900 psychological level as well…
Has hit a high of 0.98 last Thursday near our target…
And then profit taking begun, which is normal given the spike of more than 12% we have seen over 4 days when first spotted.
See below the rally as it happened…
For now, we are starting to seeing some consolidation coming back above 0.900 with some signs of the shorter term trend changing potentially..
With that 0.900 as a new support now, we can trade towards 1.00 where more selling can happen…
We had a bullish entry signal recently too fyi and still no exits……
Awaiting more bullish actions above 1.00 where the upside may continue and where targets can be revised higher..
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