This has been a big day for AZH, on several counts.
It has now taken out its 2007 peak (at 87c), which was potentially big resistance, although as I noted earlier, I didn't think it would halt proceedings this time around.
Just as importantly, however, AZH has now broken though the top of a Rising Wedge formation (a potentially bearish formation) which had contained the price action from early 2010 through to this week.
This Rising Wedge is only visible on a logarithmic price chart (the only sort of chart I use). It was well defined formation, and in my view it's very bullish that AZH has broken out of it to the topside.
My guess is there's still a lot of upside left in AZH, and I'm not overly concerned about the $1 level holding up progress for long (all other things being equal, such as the gold price not tanking).
So I'm not selling any AZH here. Cut your losses, and let your profits run, I say.
AZH Price at posting:
93.5¢ Sentiment: LT Buy Disclosure: Held
