3 Mining Stocks Ready to Make a Move

Mining stocks AEM, FCX, and HL are all perched neared significant technical levels

Dec 19, 2016 at 2:54 PM
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Retracement and Fibonacci levels are useful tools for predicting stock trends and trend reversals. As fate would have it, several mining stocks currently find themselves near key technical levels -- including a pair of gold stocks highlighted earlier this month. This week, among the stocks approaching crucial areas are commodity concerns Agnico Eagle Mines Ltd (USA) (NYSE:AEM), Freeport-McMoRan Inc (NYSE:FCX), and Hecla Mining Company (NYSE:HL).

AEM has been struggling since early August, when it hit a four-year high a hair north of $60. Earlier today, this downtrend brought the shares within a chip-shot of the 61.8% Fibonacci retracement of their 2000 lows and December 2010 highs, before they reversed higher. In fact, AEM stock was last seen up 2.1% this afternoon at $38.14, extending its year-to-date advance to 45%.

aem monthly dec 19

FCX has been a beast on the charts this year, roughly doubling in value at $13.45. In recent weeks, the stock had been running toward the $16 area -- corresponding with the 61.8% Fibonacci retracement of its mid-2015 highs and January 2016 low -- before losing steam. However, after taking a breather, FCX finds itself around the 50% retracement level, which could act as another potential inflection point -- this time to the upside.

fcx weekly dec 19

HL has exploded in 2016, nearly tripling in value at $5.48. Recently, the shares have been trading in a sideways pattern between their 50% retracement and 61.8% Fibonacci level of their late-2000 lows and mid-2008 high. Another technical layer could be coming into play, as well, with the 40-week moving average recently catching up to HL stock. If this trendline acts as support, the shares could soon resume their long-term trend higher.

hl monthly dec 19

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