Ivanhoe Mines (NYSE:IVN) traded in a range yesterday that spanned from a low of $17.48 to a high of $18.01. Yesterday, the shares gained 2.51%, which took the trading range above the 3-day high of $17.75 on volume of 5 million shares.
Shares of Ivanhoe Mines are currently trading above their 50-day moving average (MA) of $14.60 and above their 200-day MA of $14.72. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Ivanhoe Mines and our subscribers were alerted to Buy on May 28, 2010 at $14.58. The stock has risen 23.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $17.75 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Industrial Metals & Minerals industry.