Endeavour Silver Corp (NYSE:EXK) Bounce-Back On Cards?

Boston, MA, 04/23/2014  (usastockreport) –   Endeavour Silver Corp (NYSE:EXK) on the daily charts sees the stock in a very strong downtrend which led the stock to break down below its 100 day moving average currently at $4.36 and break down from important trend supports. The stock saw some good buying in yesterday’s trading session, which makes us believe that there might be a bounce back on the cards if the stock is able to close above the aforementioned 100 day moving average.

The stochastic oscillator for Endeavour Silver Corp (NYSE:EXK) have been in the oversold territory for a while now due to the stiff down move. The price/volume action helped the oscillator to bounce back above the oversold territory, giving us the first signs of an impending pull back in the stock. The relative strength index too, showed us the first signs of a pull back and exhibited inherent momentum which confirms our bullish bias for the short term.

The weekly charts for Endeavour Silver Corp (NYSE:EXK) show the formation of a good support at the $3.91 levels and give us first indications of a pullback in the stock. The stochastic oscillators on the weekly charts have been in a massive downturn, though we believe if the stock closes above these levels on a weekly closing basis, the oscillator might provide us with a bullish buy signal for the medium term. The stock closed above its 50 day weekly moving average yesterday, which is also considered to be a bullish sign.

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(Figure): Daily Chart for Endeavour Silver Corp (NYSE:EXK)

Latest Buzz: Endeavour Silver Corp (NYSE:EXK) announced yesterday its first quarter production results which beat Wall Street estimates. Though the production results beat analyst expectations, many on the street still aren’t very bullish about the sector as a whole as they believe the financial performance of the stock hasn’t been up to the mark.

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