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Inmet is a global mining company that produces copper and zinc.

IGOR DMITRIEV/GETTY IMAGES/IGOR DMITRIEV/GETTY IMAGES



During the last five months of 2011, Inmet Mining traded in a bullish technical pattern known as an inverse head-and-shoulder formation (dashed lines). The recent rise to $70.34 (A) above the neckline (dotted line) signalled a breakout above this pattern, and also the start of a new major up-leg toward significantly higher targets. Only a decline below $61-$62 would suggest additional base-building is required before a sustained up-move.

Point & Figure measurements provide targets of $77 and $84. The inverse head-and-shoulder formation (dashed lines) supports significantly higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.

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Chart source: www.decisionplus.com

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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