Thursday, April 28, 2011

Trade Update: EXK

Was that the break? In the April 21st trade update for Endeavour Silver Corp. EXK, I mentioned that I expected a big break from the triangle formation which had been brewing all month long above $10.00. Looking at the daily chart it looks like the shares traded right up to the upper trend line of the pennant. We can't say that the triangle has been broken until a close above $12 per share. We are close, EXK closed at $11.95 on good volume and the stochastics still have plenty of room to move up.

Here is another look at the action in the 15 minute time period.

We took a half position in EXK at $9.49 and the other half at $9.47. If you want to add to your position wait until Endeavour trades above $12. For now keep your stops at $9.25.

No comments: