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
facebook X logo linkedin


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

Let us help you profit from market volatility. Target big gains in short order with a 30-day trial of Schaeffer's Weekly Volatility Trader!

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI