In our previous report (Feb. 29, 2020 – $23.70) we described the breakout above a two-year falling trend-line (dashed line), identified the subsequent pullback, and provided a target of $31. Following our report, Endeavour Mining (Friday’s close $30.86) pulled back temporarily below its rising 40-week Moving Average (40wMA – B) and then had a breakout from a congestion area (dotted lines) to fulfill and exceed our target (C).
The stock is currently in the midst of a minor correction; a move toward $28 to $29 would provide a better entry point. Only a sustained decline below $25 to $26 would be negative.
Point & Figure measurements provide targets of $36 and $39. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
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