As noted in my previous post about McEwen Mining, the monthly resistance lines are offering us a current consolidation zone after a nice 200% bounce off of the march lows, However following recent price action as well as seeing gold pull back, reloading for a healthier move higher, has made me considerably more bullish on this name.
We now have 2 major...
A pure speculative play (companies operating efficiencies aren't the best) that has a return potential of 5X+. The long term chart (going back to the 80's!) looks primed to explode if all the 30 & 10 year descending trend lines get taken out, as well as the golden cross & the inverse H & S as noted in HI_DUTENGIN's post. The fundamentals of the company are OK...
20MA crossing the 50MA
Head and shoulders pattern
Slightly overbought
If it goes down tomorrow, perfect opportunity to buy. It will go for a higher high.
What do you guys think?
Been keeping my eye on this junior miner. Recently broke out and is keeping pace with the silver rally.
Considering the RSI, I would expect it to pull back, but the crazy silver rally might carry this further before we see one. The trend in volume tells me similarly.
With the DXY bleeding, all commodities are looking enticing.
Simple.
Falling wedge breakout and break up of 12 year old S/R line.
Chart tends to move impulsively to the upside upon breaking up the 1.04 horizontal level as done in 2008 and late 2015.
Target of 1.85 derived from falling wedge pattern
It is right at previous resistance of 1.04 currently. It will need to bust through two walls. Previous resistance of 1.04, most important, and the FIB line at 1.10. It could run up then to 1.31. Watching it today to see how it reacts to those two resistance lines.
McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses...
Possible breakout long above $1.10
McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses on base metals in Argentina, Mexico and the United States. It operates through the following geographical segments: Mexico, MSC, Nevada, Los Azules, Canada and Other. The company was founded on July 24, 1979 and is headquartered in...
I'm loving MUX, sure I know I know, it's a Junior. I like the story, I like Rob McEwen, he has been buying, has a huge stake in this and a good historical track record. A few red herring hiccups might discourage some. Fundamentals should see this stock double this year.
