Endeavour Silver (EDR.TO) has been rapidly rising up the rankings in the SIA S&P/TSX Composite Index Report over the last few weeks, climbing from the red zone to the Green Favored Zone. On Friday, Endeavour finished in 24th place, up 7 spots on the day and up 161 spots in the last month. Since entering the Green Favored Zone, the shares are up 12.2%.
A major breakout is underway in Endeavour Silver (EDR.TO) shares which have ended a consolidation phase and started a new advance with a breakout over $8.50 that has completed a bullish Ascending Triangle pattern and confirmed that the underlying uptrend which started six months ago remains intact.
Based on measured moves from the recent $6.00 to $8.50 trading range, upside resistance tests may appear near $10.00 and then near $11.00 on trend. Initial support appears near the $8.50 and $8.00 recent breakout points.
Accumulation in Endeavour Silver (EDR.TO) shares has accelerated in recent weeks with the shares completing two bullish Double Top patterns, a bullish Spread Triple Top pattern and a large Spread Double Top pattern. In addition, the shares breaking out to a new all-time high and the emergence of a new high pole confirm that a new upleg has commenced within a larger upward trend. Initial upside resistance may appear near the $10.00 round number, followed by $10.45 and then the $11.50 to $11.75 zone based on horizontal and vertical counts. Initial support appears near $7.90 based on a 3-box reversal. With a perfect SMAX score of 10, EDR.TO is exhibiting near-term strength across the asset classes.
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