Long time reader Bill and Breakpoint trades brought this stock to my attention recently.
After months of downtrend, EXK looks like it is breaking out.
The downtrend line was breached today, and the set up looks like it has legs on earnings revised up by 12% for the 2nd quarter of 2013.
Of particular interest to me is the broken GLD ratio trend line.
With volumes increasing, this one could take off.
The initial target area is $4.10 with a measured move out of the wedge (not shown) to $5.00 plus.
The only downside I can see at this point, is if the price of gold pulls back substantially, we could see a back test of the broken trendline.
After months of downtrend, EXK looks like it is breaking out.
The downtrend line was breached today, and the set up looks like it has legs on earnings revised up by 12% for the 2nd quarter of 2013.
Of particular interest to me is the broken GLD ratio trend line.
With volumes increasing, this one could take off.
The initial target area is $4.10 with a measured move out of the wedge (not shown) to $5.00 plus.
The only downside I can see at this point, is if the price of gold pulls back substantially, we could see a back test of the broken trendline.
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