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HL Final Target Revised, Closing Short Trade for 24% Gain

Upon further review of the charts & based largely on the fact that HL (Hecla Mining Co.) is now trading at gap support while SIL (silver miners ETF is just above my second target zone, I am revising the final target on the HL short trade to current levels (5.14) and closing the trade here. As with GDX & SIL, HL has potential bullish divergences forming which, coupled with the near-term oversold conditions, start to increase the odds of a sudden snap-back rally & start to diminish the R/R for remaining short at this point. Close HL here provides us with a profit of 24% from the August 19th entry price of 6.76.

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Oct 4, 2016 3:22pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: |Comments Off on HL Final Target Revised, Closing Short Trade for 24% Gain