Hecla Mining Company (NYSE:HL) Edges Up From Its Support Level

Boston, MA, 04/23/2014  (usastockreport) –   Hecla Mining Company (NYSE:HL) firmed up on Tuesday after hitting fresh low on Monday, The stock recovered on Tuesday after hitting fresh lows of $2.92 on Monday, the stock gained 2.33% to consolidate at $3.07.

Hecla Mining Company (NYSE:HL) seems to have taken support near its trend line level at $2.96, the stock bounced after hitting this level and closed at the day’s high.

The stochastic oscillator for Hecla Mining Company (NYSE:HL) suggests a trend reversal, the curve has taken a sharp upward turn, indicating a strong bullish trend, we believe the stock has hit its low and could see some buying coming in the stock The relative strength index has also turned upwards from the no trade zone, indicating a bullish trend for the stock; the traders might see this as a good level to get in to long positions, as a result the stock might see some recovery from its recent lows.

 From the current levels the first support level for the stock is around $2.92, which the stock should hold to, on a bullish note the stock has its first resistance around its 50 day moving average which is at $3.30, a positive break out above this level could see the stock test $3.46 which is its trend line resistance.

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(FIGURE): Daily Chart for Hecla Mining Company (NYSE:HL)

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Hecla Mining’s Stock got its rating upgraded by ZACKS Investment and Research Company, the rating was changed to a “HOLD” from its previous rating of “SELL”, in another report, Roth Capital downgraded the company’s shares rating to a “NEUTRAL” from the previous rating of “BUY”. There was a surge in the stock price came as a result of positive comments about the stock form various analysts. The traders had got into long positions driving the stock prices up.

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