Endeavour Mining Corp. (Friday’s close $23.70) rose from $4.35 in July, 2015, to $28.81 in February, 2017, (A-B) and then traded below a falling trendline for the subsequent two and a half years (dotted line). The stock had a breakout above this trend-line earlier this year and reached a high of $28.98 (C). Endeavour Mining then pulled back to its rising 40-week Moving Average (D) and now appears ready to resume the up-trend (E).
Behaviour indicators including the rising trend-line (solid line) and the rising 40wMA confirm the bullish status. Only a sustained decline below ±$24 would be negative.
Point & Figure measurements provide a target of $31. Higher targets are visible.
The Globe and Mail
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com