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November 2, 2009 / Jeb

Taseko Mines (TGB) Increases Reserves Finds Support at 50 Day Moving Average

Today Taseko came out with a 70% increase in their mineral reserves at Prosperity.  Prosperity is the largest undeveloped mine in Canada.  I wrote a few weeks ago that I believed that Taseko would find support at the 50 day moving average. Taseko has been one of the strongest mining stocks in the sector up over 100% since our original pick at 1.50.

Take a look at the chart and the huge volume support.  TGB

After a stock breaks out of an ascending triangle it is quite often to find support at previous resistance which TGB has done.

Precious metals look strong however I am monitoring the overall market closely as indices such as the Nasdaq has broken support trend lines and the 50 day moving average.  Momentum is diverging negatively with major market indexes and protecting profits is the number 1 rule in trading.  Indices are extended over the 200 day moving average and an eight month rally may be in need of a correction.

 

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4 Comments

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  1. lou / Nov 2 2009 8:06 pm

    thank you for the explanation and for watching the market so closely………..lou

    • Anticipate Opportunities / Nov 2 2009 8:53 pm

      Thanks Lou…I appreciate your comments.

  2. lou / Nov 3 2009 5:54 pm

    gold just hit a record high of above 1080.00 per ounce today i read on kitco ! is it too early to say YAHOOO yet ? …..yippeee! ….lou

  3. PNB / Dec 11 2009 5:04 am

    I’ve heard horror stories about how they operate the Gibraltar Mines. The managers have no clue how to run the place and they apparently massage the numbers before they release to the public trying to make it look good. I’ve friends who work in the operations team and they know things. I watch their stock, but never invest long term on them…their future even with Prosperity doesn’t look good. They have many issues to overcome before they put the first shovel on Prosperity grounds: Aboriginal demands is just a minor issue.

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