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AEM: A short term bullish move caught! Price 1.98. Can there be more upside?
Author: Trading Impossible | Joey Choy
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Just last week, we spotted AEM approaching the 1.70 resistance CAUTIOUSLY…
We have been capped below this resistance for about 2 weeks after breaking this support early last month…
AEM then tanked to a low at around 1.30 before a rebound..
As it rebounded towards 1.70, there were some profit taking returning and there could be a potential for prices to retrace lower too..
However, we were also expecting more upside if there can be a bullish price action spotted just at the 1.70 level..
You see, we were pretty much at a crossroad…
It could go either way depending on what we see here…
If it was a Bearish price action, then a retracement back down could be on the cards also..
Essentially, we were watching to see what happens at this critical junction..
To see whether the buyers or the sellers were the eventual winners at this tug of war right at 1.70… an important price level to take note..
See what I mean below by either way… up or down..
Finally, just a few days back on Monday…
It seemed like the winner were the BUYERS…
We have managed to completely clear out all the sellers at 1.70 and buyers came back fast to push higher…
Hence, some upside targets were reiterated with the good bullish price action we have spotted.
First target can be to 2.00 first as drawn below..
From the moving averages, we could see prices breaking above the 20 day MA also which could be an indication of more short term upside..
See what I mean..
Not downside, instead upside was intact with 1.70 broken…
Fast forward to today, we have indeed seen AEM heading towards the first target at 2.00…
In fact, he has touched it just now and some profit taking returned..
This is Normal given the spiked of more than 15% we have seen over the past few days and when we first spotted the move above 1.70..
Seeing some strength in the tech sector for now amidst a slew of Bullish reports calling for buy on some of the names in this sector..
with AEM being one of them.. (Be a client to get these reports by WhatsApp as well).
For now, we may see some consolidation from 1.90 to 2.00 before more direction again.
On more bullish price actions above 2.00, the next wave of upside could also happen and a potential trade back to 2.30 recent high..
See targets and chart below that are now revised higher…
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