Working Money magazine.  The investors' magazine. Advantage



Article Archive | Search | Subscribe/Renew | Login | Free Trial | Forgot ID?



Aurizon Mines In Toronto Poised To Jump

10/23/03 08:58:26 AM
by Andrew Hetherington

The daily chart for Aurizon Mines (ARZ-T) shows a breakout from the large 14-month symmetrical triangle on this mining and exploration company.

Security:   ARZ-T
Position:   N/A

Figure 1: Daily chart of Aurizon Mines.

The daily chart for Aurizon Mines (ARZ-T) shows a breakout from the large 14-month symmetrical triangle for this mining and exploration company. Aurizon Mines is located and traded in Canada. This highly speculative equity has an excellent pattern with diminished volume and a strong breakout in the $1.60 area on much higher volume. There is an early warning of higher prices with an increase in activity in the months of April, May and June of 2003. I have not included a small triangle on the chart that formed in May and June of 2003 that is part of the early warning signal. ARZ-T is currently in a hesitation mode prior to the run-up. Normally, you would see a throwback to the line in the $1.50 area, but similar to the Lucent Technologies situation that I wrote about a few months ago, this throwback will not likely drop all the way down to the line. Anticipating the trendline to hold in the $1.70 area is likely, but if it does break I would continue to add to my long position all the way down to the $1.55 area. Naturally, if the triangle line in the $1.50 area were broken I would bail out of all long positions since this equity would be untrustworthy from a technical standpoint.

I anticipate this equity to go to all time highs above the previous all time high of $2.35 CDN. This would be at least a 50% return. However, I expect it to "pop" higher if our prognostication is correct. Speculative mining equities can be dangerous as well as profitable so I urge caution to anyone who does not have an entrepreneurial spirit and to look elsewhere.

Figure 2: Weekly chart of Aurizon Mines.
Graphic provided by: SuperCharts.

Andrew Hetherington

Classic Dow Theorist who trades as a pure technician, using pattern recognition.

Toronto, Canada

Click here for more information about our publications!

Comments or Questions? Article Usefulness
5 (most useful)
1 (least useful)



S&C Subscription/Renewal

Request Information From Our Sponsors 

DEPARTMENTS: Advertising | Editorial | Circulation | Contact Us | BY PHONE: (206) 938-0570

PTSK — The Professional Traders' Starter Kit
Home — S&C Magazine | Working Money Magazine | Advantage | Online Store | Traders’ Resource
Add a Product to Traders’ Resource | Message Boards | Subscribe/Renew | Free Trial Issue | Article Code | Search

Copyright © 1982–2020 Technical Analysis, Inc. All rights reserved. Read our disclaimer & privacy statement.