The Hecla Mining (NYSE: HL) stock price started rising at the start of October last year. When the bulls put the stock to the deep bottom of $3.47, the investors saw it as an opportunity and started pumping their investments in. This sudden bullish momentum turned into a long bullish rally, which broke a significant support level of $4.14 by the end of the month.
Fast forward to the December start, the HL stock bulls broke another primary resistance level of $5.1. This bullish rally continued at the start of this year until the end of January; it came to an end when the stock touched $6.47. The investors who kept their patience since the start of September got a gain of a staggering 86%
The HL stock price underwent a correction after reaching high levels in the short term. However, the bulls managed to claim the support level of $5.12, leading to a bullish trend in March 2023.
This rally surpassed the previous high of $6.47 and rose to $7.00 by mid-April. However, since then, the stock has been on a downtrend runway. Although the bulls attempted to break this trend in July, they were unsuccessful as the trend has continued till date.
Technical Analysis and Prediction of the HL Stock Price
At the press time, the HL stock price is trading at the level of $4.14. The immediate resistance to the bulls is $4.20, while the immediate support is at $3.61. The 50-day exponential moving average price is $4.24, while the 200-day exponential moving average price is $4.85. Both the lines have made a bearish crossover as a result of a downtrend.
The relative strength index shows an exciting indication between these supports and resistances. The RSI line reached the oversold level of 30 in October before the bulls reclaimed support. At present, the RSI line is near the neutral zone of 55, giving the bulls enough space to break the resistance level before it reaches its oversold level of 70.
The HL stock price prediction will be bullish, given the current volume stays positive. The bulls will have to sustain above the current resistance for the confirmation of a breakout.
Conclusion
The Hecla Mining (NYSE: HL) stock price rose at the start of October last year. This bullish rally saw some correction at the start of this year but made a significant high in March. The current price is showing some signs of a breakout and the analyst’s prediction is bullish.
Technical Levels
Support Levels: $3.61 and $2.89
Resistance Levels: $4.20 and $5.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/16/hl-stock-price-rises-10-on-friday-bullish-trend-is-back/