Precious metal miner SSR Mining (SSRM) was upgraded to "Buy" by TheStreet.com's quantitative service today. Let's see how the charts and indicators have shaped up.
In this daily bar chart of SSRM, below, we can see a "two-legged" uptrend the past 12 months. Prices rallied then corrected and then rallied again. SSRM is above the rising 50-day moving average line and the bullish 200-day line.
The daily On-Balance-Volume (OBV) shows a rise for most of the past year which signals that buyers of SSRM have been more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator is well above the zero line but it recently crossed to the downside for a take profits sell signal.
In this weekly bar chart of SSRM, below, we can see a three-year saucer bottom pattern. Prices are above the rising 40-week moving average line.
The weekly OBV is rising which is bullish and so is the MACD oscillator.
In this Point and Figure chart of SSRM, below, we can see a nearby price target of $15.
Bottom line strategy: Considering the three-year saucer bottom formation a pullback in the price of SSRM should be a buying opportunity.
