Silver Mining Stock Technicals as of Last Week

Meera Shawn - Author

Oct. 31 2017, Published 10:18 a.m. ET

Mining stocks tumbled

On Monday, October 26, precious metal mining stocks showed a mixed reaction despite the downward price movement in precious metals. In this part of our series, we’ll assess the moving averages and the returns of key mining stocks, using the performances of four select silver-based mining shares: First Majestic Silver (AG), Silver Wheaton (SLW), Coeur Mining (CDE), and Hecla Mining (HL).

These silver miners have shown YTD (year-to-date) losses—except Silver Wheaton, which has shown a YTD gain of 7.1%. AG, CDE, and HL have shown YTD losses of 12%,16%, and 9.2%, respectively. The silver-based Global X Silver Miners Fund (SIL) has a YTD loss of 0.31%. Silver has a YTD gain of 3.7% as of October 26.

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Moving Averages

All four of these miners, except Silver Wheaton are trading below their 20-day and 100-day moving averages.

Remember, a considerable discount below the 20-day and 100-day moving averages can suggest a possible revival in price, while a good premium suggests a possible fall. The target prices of these four miners are significantly above their current trading prices, which indicates a possible upward trend in price.

RSI levels

AG, SLW, CDE, and HL now have RSI levels of 24.5, 61.9, 12.3, and 14.3, respectively. Remember, an RSI level below 30 hints at a possible upward movement in price, while an RSI under 70 suggests the possibility of a downturn in price. There is a higher chance of a rebound in prices for Coeur Mining and Hecla given the RSI figure.


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