In our previous report on Endeavour Mining (June 13, 2020 - $30.86), we identified a breakout from the trading range found in 2019-20 (dotted lines) and provided targets of $36 and $39. Following our report, the stock rallied to $39.21 to fulfill both of our targets (A).
The stock has since experienced a minor correction toward its rising 40-week Moving Average (40wMA – B) to provide a favourable entry point. It now appears ready to resume the up-trend. There is good support at $30-31; only a sustained decline below this level would be negative.
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status.
Point & Figure measurements provide targets of $42 and $44. Higher targets are visible.
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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