Wednesday, July 12, 2006

Ivanhoe Mines IVN

Ivanhoe Mines is a Canadian mining - exploration company with operations focused in the Asia Pacific region. Ivanhoe's core assets are its Oyu Tolgoi Project and the Nariin Sukhait Coal Project in southern Mongolia. Other operations include copper and gold exploration and projects in Mongolia , Myanmar, Kazakhstan and Australia.

See : for more details.

Respectable fellow blogger Bill Cara mentioned IVN several times.

Ivanhoe Mines is trading at the Toronto stock exchange(TSE: IVN) and the New York Stock Exchange (NYSE: IVN)

Long term monthly chart

The stock was trading as high as 19$ (CAD)at Q1 1997 and as Low as 0.55$ at Q4 2000. 2003 was the best year for IVN investors – the stock had spectacular rally and topped at 15.30$. Since then the price performance was poor to say the least, while Copper and Gold are up sharply.

IVN long term chart

Weekly chart

The chart pattern is disordered indicating high risk, from pure technical perspective It belongs to the group of DROOY and KRY.

Price action – from 4.85$ to 12$ then it crashed through the 50 weeks moving average with a huge gap - and bottomed just 3 cents below the 76.4% Fibonacci level..

Indicators- RSI trending down below 50, PPO bearish crossover.

Support – the green trend line and the 76.4% Fib(6.54$). Resistance – the 200 WMA , the Fibs especially the 50% Fib area.

IVN chart

Short term daily chart

Again, huge gap > 1$ through the 200 DMA, relatively mild bounce to the 23.6% Fib line .

Indicators – RSI trending down below 50, PPO bullish crossover but still below zero, PPO histogram positive. Heavy resistance at Fib lines and 50 MA, breaking above the pink downtrend resistance will be bullish and might ignite a rally.

Ivanhoe chart

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Anonymous Anonymous said...

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Sunday, July 16, 2006 3:37:00 PM  

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