Equinox Gold EQX-Tdeclined from $17.99 in 2020 to $3.23 in 2022 (A-B), rallied to $7.86 (C), then settled in a horizontal trading range between $5.50 and $7.50 (dashed lines). In April 2024 the stock advanced slightly above this range and traded in another range mostly between $6.75 and $9.00 (dotted lines). The subsequent rise above the top of this range signaled a breakout and the start of a new uptrend (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. Equinox recently pulled back to the average to provide a good entry level. Only a sustained decline below $8.00-8.50 would be negative.
An advance above $9.50 would signal the start of an up-leg toward Point & Figure targets of $11.00 and $12.50. Higher targets are visible.
stock
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com