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Endeavour Silver Corporation: Update

Print This Post Print This Post | Topic: Other — September 11th, 2007
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We will start by taking a quick look at the chart for silver. As you can see silver has been on a pretty good run gaining over dollar in little over a month.

Silver Chart 11sep07

At this point silver is due a breather so we wont be surprised to see some profit taking here with a short period of consolidation to follow.

In our last article on Endeavour Silver Corporation we said the following:

‘At $3.25 this stock is definitely a steal and we may miss some of the rise by waiting which we are prepared to forgo’. If this stock is one of your favourites then buy it now as we are hoping to pick it up at ‘giveaway’ prices.’

If you bought at $3.25 then well done from all the team here. We decided to wait and see what developed and in particular what would happen if the 50dma crossed over the 200dma in a downward direction. You may be aware that when this happens in the opposite direction it is known as the golden cross because more often than not it is positive for the stock. However when the crossover occurs in a downward direction this can have a negative effect on the stocks price. So we held off buying and missed a rally that saw Endeavour gain around a dollar so we may well have missed this buying opportunity.

However lets take a look at the chart:

Endeavour chart 11sep07

We can see that the 50dma has just crossed over the 200dma heading south and also that the stock has retreated a little. We would expect this to happen anyway having gained so much in such a short time. So we will try to be patient and sit on hands and watch for another suitable re-entry point.

In conclusion we believe that buying Endeavour Silver Corporation for under $4.00 is a good buy and at $3.25 it was a steal. This silver stock is going to perform extremely well so you can buy at these levels and forget about them until this market experiences its final blow off which is some time away. If silver takes a breather and this stock does indeed retreat we will buy again and that will be our third purchase.

We will as always post an article as soon as we make a move.

Good hunting.


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