n a post yesterday I discussed Newmont Mining (NEM), Barrick Gold (ABX), Agnico-Eagle Mines (AEM), IAMGOLD (IAG), and the streetTRACKS Gold Trust (GLD). Another stock from the mining sector worth keeping an eye on is Coeur d'Alene Mines (CDE).
Coeur d'Alene Mines is primarily known as a silver producer. And while silver may not get the headlines that gold gets, a check of the iShares Silver Trust (SLV) chart below shows it has been on the move.
Shares of CDE are up nearly 15% percent today but as the weekly chart below shows, they have struggled this year. That is in stark contrast to situations like Newmont Mining and Barrick Gold which are hitting new highs. However, with today's pop it looks like the technical picture may be showing some signs of improvement.
The advance is helping the stock to break the downtrend marked by the green line. Meanwhile, the red arc highlights the potential "rounding up" pattern that you sometimes see after pullbacks.
In terms of the Street, it seems that analysts aren't overly enthusiastic. According to Zacks, 3 of 7 analysts rank the stock with a "buy" rating. Given the lackluster price action over the last year, I wouldn't call that extremely skeptical but it isn't over-the-top enthusiasm either...
I don't think I would chase the stock here but I would put in on the radar for a possible turnaround situation. I would like to see the stock remain above the recent peaks near 4.25.
Created with SuperCharts by Omega Research
Created with SuperCharts by Omega Research
BSG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
