On a daily time frame, Hudbay Minerals Inc has displayed a breakdown of a symmetric pattern, accompanied by a significant increase in trading volume, further underscoring the strength of this bearish move. The gap-down opening at the breakdown serves as a clear indication that supply is currently surpassing demand. Additionally, on the DMI front, DMI- is trading above DMI+, signifying a negative trend, while the ADX trading above DMI+ points to the robustness of this bearish movement. Furthermore, the RSI is operating in a lower range, reaffirming the negative trend on the momentum front. When considering the EMA indicators, the prices are trading below both the Fast and Slow EMAs, aligning with the negative trend, and the Fast EMA is demonstrating a downward trend, further reinforcing the bearish outlook. Therefore, the recommendation is to sell at the current market price (CMP).

Symmetric Pattern Breakdown

Oct 24 2023