Hecla Mining has been a very bullish gold-miners stock. The chart indicates a "Continuation Diamond" pattern.
This pattern is considered a bullish signal. I have highlighted this pattern in fluorescent green.
How does the "Continuation Diamond Pattern" work? (I'm glad you asked).
The price action creates higher highs and lower lows as the pattern broadens out.
The trading range begins to narrow after the "high peak" (May 17th, 2016). The lows then start trending up.
The continuation diamond pattern happens when the price action breaks out of the diamond....
You can see that this did happen June 24th, 2016, the day of the Brexit turmoil.
Other gold-miners shares, as well as-GDX, broke out to the upside on this day.
The upside projection for Hecla Mining is approximately 20% in a month. The time approximation can be figured because the "Continuation Diamond" pattern took this long to complete.
The percentage may be calculated by the distance from the low ($3.85) to the high ($4.79), this is 94 cents, or roughly 20% up from here.
I would like to close with three quotes from Jay Leno:
1. “The reason there are two senators for each state is so that one can be the designated driver.”
2. “You can't stay mad at somebody who makes you laugh.”
3. “How come you never see a headline like 'Psychic Wins Lottery'?”
My goal is to entertain and inform. I hope all of your trades go well. Don.
This pattern is considered a bullish signal. I have highlighted this pattern in fluorescent green.
How does the "Continuation Diamond Pattern" work? (I'm glad you asked).
The price action creates higher highs and lower lows as the pattern broadens out.
The trading range begins to narrow after the "high peak" (May 17th, 2016). The lows then start trending up.
The continuation diamond pattern happens when the price action breaks out of the diamond....
You can see that this did happen June 24th, 2016, the day of the Brexit turmoil.
Other gold-miners shares, as well as-GDX, broke out to the upside on this day.
The upside projection for Hecla Mining is approximately 20% in a month. The time approximation can be figured because the "Continuation Diamond" pattern took this long to complete.
The percentage may be calculated by the distance from the low ($3.85) to the high ($4.79), this is 94 cents, or roughly 20% up from here.
I would like to close with three quotes from Jay Leno:
1. “The reason there are two senators for each state is so that one can be the designated driver.”
2. “You can't stay mad at somebody who makes you laugh.”
3. “How come you never see a headline like 'Psychic Wins Lottery'?”
My goal is to entertain and inform. I hope all of your trades go well. Don.