Hecla Mining (HL): Look To Take Profits Soon
Print This Post
| Topic: Silver Mining Companies — March 1st, 2008
In November of last year, Hecla Mining did not go through a correction as many other silver stocks did. As a result of this, and the fact that Hecla was looking very overbought, we decided to signal to our readers to Take Profits on HL and sold 50% of our shares in the company at an average price of $11.89, taking a profit of over 125%.
Hecla Mining then corrected and we bought back in at $9.72, just over a month later which represents an 18% discount
Hecla is now trading at $11.50, up over 18% since we bought back in two months ago, and up 118.22% since our original BUY signal at $5.27. Hecla has risen sharply in recent trading and now appears to be getting slightly overbought as it heads towards its previous high at around $12.50. We are looking to take some money off the table if the stock rises back up to $12.50 as a 20% gain in two months is a good profit to take from our perspective. Hecla could meet some resistance at its previous high and even so the stock looks technically overbought, as does its underlying commodity, silver bullion.
We will keep our readers informed on the situation with Hecla Mining as well as our position on other silver stocks and the silver market in general. You can stay updated by subscribing to The Silver Prices Newsletter for FREE – just click here and enter your email address to subscribe.
Related Articles
Hecla Mining Company: Take Profits
Hecla Mining: Take Profits
Hecla Falls 18.4% in 2 Weeks Since Our Take Profits Signal
Hecla Mining Company Meets Resistance
Hecla Mining: BUY, for a 18% discount!
|
|
![[Most Recent Quotes from www.kitco.com]](http://kitconet.com/images/quotes_2a.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Sell now that the 50 day is moving up? I don’t think so. HL is at the same price today as it was when silver was at 14. Looking to double production. Significant sales in gold. Rxed by Dines and Zeal. One of a handful of silver producers big enough to take institutional funds. Dudes, are you having us game silver stocks for 20% gains?! Man up and hold this through April anyway.
Comment by Steve — March 1, 2008 @ 3:42 pm
I agree , and the current price is quite a bit too much above the 50day m.a./ a pullback seems close. I like this company though , and was hoping for a milder pullback this time around $10.50. ( If you look on a 3 yr weekly, you will see that this stock follows a channel quite accurately , and indicates a top at or near the $12- but at this stage of the metals run, they CAN pull back or goes sideways and bursts through in a more blow-off fashion for a parabolic rise).Gold and silver seems to do this towards the end of there runs , but speculation is just speculation - and no one says this is near the end of the current run.
Thanks for the call silver-prices.net!!
Comment by Robert — March 1, 2008 @ 3:44 pm
Sure Steve , but thinking like that , I would have held it at $12 the last time it was there too , and the 50 day was moving up a lot more then, but down it came then, and it looks slightly overbought here too. I am just saying that a pullback to around $10.50 is a nice price to get in at for more shares. SO- I sell 1/2 a position , lock in profits , and hope to buy back in. If you had say 1000 shares@12=$12,000.00 , and it goes to $10.50, you lose $1,500.00 until it goes back up. Its all how you want to trade. Holding here is fine , it will go higher in time- for it is a great company and silver is off to the $20’s!! Time will tell- Happy trading!
Comment by Robert — March 1, 2008 @ 8:38 pm