This Gold Stock Could Break Out

Coeur Mining stock is testing a familiar moving average

Jun 8, 2017 at 10:38 AM
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The shares of gold and silver producer Coeur Mining Inc (NYSE:CDE) have been on a tear since their March lows, and if past is prologue, CDE stock could be headed even higher over the next month. Below, we'll take a look at Coeur Mining stock's recent performance on the charts, and discuss why near-term options buyers may want to take note of CDE shares.

Since hitting an annual low of $7.30 on March 14, CDE has skyrocketed 33% to trade around $9.70. The shares recently came within one standard deviation of their 40-day moving average, after a lengthy time above it -- what has been a "buy" signal in the recent past. According to Schaeffer's Senior Quantitative Analyst Rocky White, one month after Coeur stock's last two tests of this trendline, the shares were higher both times, with an average gain of 24.07%. Another rally of that magnitude would place CDE stock well north of recent round-number resistance at the $10 level, and in territory not charted since early 2017, before a massive post-earnings slide.

coeur mining cde stock chart today

As alluded to earlier, those looking for another surge for CDE stock can pick up short-term options at a bargain. The security's Schaeffer's Volatility Index (SVI) of 49% is higher than just 10% of all other readings from the past year, suggesting Coeur Mining's near-term options are attractively priced, from a historical volatility standpoint. What's more, CDE shares boast a Schaeffer's Volatility Scorecard (SVS) of 91, indicating the stock has exceeded option players' volatility expectations during the past year.

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