Wednesday, March 9, 2011

Trade Update: EXK

We got into Endeavour Silver Corporation today before it breaks into the double digits and runs away. Notice the very strong support at $7.50. Endeavour broke this prior resistance and has run like the devil on strong volume up to the $10 range. It has closed down the last two days in a row and settled at $9.47 today.

The stochastics are pegged and meaningless at this time, while the selling volume has decreased over the past two days. The shares look poised for a pull back soon which is why we took only a 1/2 position. Hopefully we will get the pullback at pick up the remainder of our position under $9.00.In the live trade I set the stop at $7.49, but I want to adjust that down to the 50 day moving average dma which tonight is $7.04.

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