Endeavour Silver Corp. (EXK) broke its four-year downtrend on the first leg up this year. Another leg higher looks like it is beginning.
In this daily chart of EXK, above, we can see a period of sideways trading from July to February. There is a breakout to the upside in February -- above the 50-day and 200-day Simple Moving Averages. In March, prices finally break out over the highs of August and October. There is also a bullish golden cross of the 50-day and 200-day moving averages in March.
For the past two-and-a-half months, there is a consolidation/correction of the prior strong gains. During this sideways action, the On-Balance-Volume (OBV) line continues to rise, indicating greater conviction by the bulls. The OBV line recently pushed up to a new high ahead of the price action, showing that the old saying about volume preceding price still works. A strong close above $4.25 could spark another advance to $6.00.
In this five-year weekly chart of EXK, above, we can see that the four-year downtrend has been broken. Prices are now above the rising, 40-week moving average line. The weekly OBV line is rising strongly to show some pretty aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish configuration. Our $6.00 upside target is easy to see on this chart. And $8 is a much longer-term target.