- Fortuna has made higher highs and higher lows since the Aug 4th low at $2.10. Bullish
- The price is above the three moving averages of 15, 50 and 100. Bullish
- The 15 dma crossed over the 55 dma on 8/4/10. (Indicated with a white arrow) Bullish
- The 15 dma crossed over the 100 dma on 8/19/10. (Indicated with a white arrow) Bullish
- The 50 dma crossed over the 100 dma on 9/1/10. Bullish
- The MACD Histogram is above the center line and rising. Bullish
- Stochastics K and D are above the 80 level. Overbought / Bullish
Based on a Fibonacci retracement between the high and low, the 161.8 level is at $4.66.
Fortuna released drill results last week from the Don Luis II vein, located in the undeveloped western portion of the Caylloma Mine. (Peru) With growing Silver/Gold reserves, seasonals, possible short squeeze and increasing Silver spot price, the stock should continue to appreciate going forward.
Disclaimer: I own shares of Fortuna Silver Mines in the 'long' position.