Minefinders Breaks Through Resistance; Eyes Yearly Highs
September 02, 2011 9:45 AM
Shares of Minefinders (NYSE: MFN) are rising this morning; currently, shares are higher by 1.78%, trading at $17.13. MFN hit an intra-day high of $17.31 before pulling back slightly; this confirmed a breakout to new highs.
Minefinders has been consolidating above the 20-day and 50-day moving averages for the past week after hitting a fresh near-term high of $17.25. With shares now bid above that level, the 52-week high of $17.40, as well as new all-time highs comes into play.
It is best to play this through long shares with a tight stop.
Note that Minefinders has 3.73% short interest.
Minefinders Corporation Ltd. is in the business of exploration for, and development and mining of, precious and base metal properties. Interests in these properties are held directly and indirectly through exploitation and exploration concessions, leases, options and working interests. Minefinders' properties are located in Mexico and the United States.
