Friday, Feb 3, 2017
 
 

Coeur Mining Inc (NYSE: CDE)

 

Coeur Mining, Inc. owns, operates, explores for, and develops silver and gold properties. The company holds interests in the Palmarejo silver-gold mine located in Mexico; Rochester silver and gold mine in northwestern Nevada; Kensington gold mine located to the north of Juneau, Alaska; and Wharf gold mine in South Dakota. It also owns the San Bartolomé silver mine in Bolivia; Endeavor zinc, lead, and silver mine located in Australia; La Preciosa silver-gold exploration project in the State of Durango, Mexico; and Joaquin silver-gold exploration project located in the Santa Cruz province of southern Argentina.

Take a look at the 1-year chart of Coeur (NYSE: CDE) below with my added notations:

1-year chart of Coeur (NYSE: CDE)

Over the past four months, CDE has formed a key level of resistance to watch at the $12 (blue) level. The stock tested that mark once at the end of September, again in November, a couple of times in January, and one more time yesterday. A strong close above that $12 level should lead to higher prices.

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The Tale of the Tape: CDE has a key level of resistance at $12. A long trade could be entered on a break through that level. However, if you are bearish on the stock, a short trade could be made on any rallies up to $12.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

Follow me on Twitter: @cmtstockcoach

 
 

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