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April 11, 2010 / Jeb

TGB Taseko Mines Major Breakout From Resistance New Target $7

Taseko made a major move on Friday as it clearly broke resistance and is heading to my next target of $7.  This stock was originally recommended at $1.50 when copper was extremely low and The  Prosperity Mine seemed like a pipe dream with a lot of environmental opposition.

Those are the times that are most attractive for a trader.  When most of the media was bearish on commodities and inflation, the technical picture showed a clear base and a breakout.  The original recommendation is linked here.

The picture is a lot different now at $6.

I am holding Taseko and am keeping a 15% trailing stop loss to protect my 300% gain.

Taseko is probably one of the strongest stocks this past year in the junior mining sector.  I would not recommend purchasing at these levels as the risk reward scenario is much different from the past.

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