After reaching historic highs of $5.24 set in January 2010, shares of Rubicon Minerals (RBY) yesterday showed clear signs of reversing a 7-month downtrend. RBY smashed through a key resistance level, potentially ushering in the next round of positive momentum that could lead to new highs in the intermediate term. However, prices must close this week well above $4.00 for evidence of such confirmation.
The recent bullish action followed the widely distributed (via Wall Street Journal) announcement that Dundee Securities re-initiated coverage of RBY with a price target of C$5.40 and moreover, Rubicon's latest results from ongoing drilling at its flagship property at Red Lake, ON.
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