Just another quick TA here for Hecla mining… I know I love to beat it into the ground and I commented earlier on it but here I have a chart showing volume resistence and relative strength.
The relative strength index (RSI) is right about at the “critical” level of 70, an overbought indicator. The 50 and 200 day MA’s are about to cross on the upside however there is heavy volume resistence at this price level and light volume above it. My conclusion here is that it’s September and despite the positive MA’s, I think we’re due for a pullback which is a great buying opportunity given the recent data. When the market loses steam in September, gold and silver will be the first to rebound, and it will rebound stronger than any other sector.
Disclosure: Long HL