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Chart Advisor: Hudbay Minerals Inc

Chart Advisor: Hudbay Minerals Inc

Posted March 15, 2024

From SIA Charts

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1/ Hudbay Minerals Inc

At SIACharts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone. SIA Charts relative strength reports also provides investors with an indication of changing and ongoing trends in a stock’s performance relative to its peers.

Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report since late November. It left the red zone in December and at the start of this month, it returned to the Green Favored Zone for the first time since August.

Hudbay finished yesterday in 9th place, up 21 spots on the day and up 63 positions in the last month. Over the last month, the shares have rallied 33.5%, compared with a gain of 6.7% for the S&P/TSX Composite over the same period. Three weeks ago, Hudbay Minerals (HBM.TO) staged a major breakout over $8.00, completing a big Ascending Triangle base that had been forming since July of 2022. Since then, the shares have continued to climb, indicating ongoing accumulation, and have rallied up above the $9.00 level for the first time since April of 2022, nearly two years.

2/ Candlestick Chart

Potential upside resistance tests on trend appear near the $10.00 round number, then $10.50 based on a measured move, the spring 2021 peak near $11.25 and then $12.00 based on a larger measured move. Initial support appears at the $8.00 recent breakout point.

3/ Point and Figure Chart

Hudbay Minerals (HBM.TO) spent 2023 under general distribution, retreating in a falling channel of lower highs and lower lows. Since the start of this year, the shares have turned around and come under accumulation. Following an initial January rally, HBM.TO consolidated its gains at higher levels in February, then launched into a new upleg in March, a classic Step or Staircase accumulation pattern. Currently, HBM.TO is trading at its highest levels in nearly two years. Next potential resistance appears in the $9.75 to $10.15 area where vertical and horizontal counts cluster around the $10.00 round number, followed by the March 2022 peak near $11.20 on trend. Initial support appears near $8.50 based on a 3-box reversal. 

With a perfect bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, HBM.TO is exhibiting short-term strength against the asset classes.

Originally posted on March 15th 2024

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