Trade of the Day: Kinross Gold Corporation (USA) (NYSE:KGC)

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Investors are clearly reaching for a safety blanket lately, pushing gold prices sky-high. This has, of course, been great news for the gold miners, as shown by an over 20% jump in the Market Vectors Gold Miners ETF (NYSEARCA:GDX) over the last month.

Kinross Gold Corporation (USA) (NYSE:KGC) hasn’t made quite that big of a move — yet. According to the Profit Scanner powered by Recognia, it’s only a matter of time.

KGC put in a series of bullish technical signals throughout the “Brexit” saga, and has continued to do so this week. Most recently, on July 5, the stock completed a pattern that implies 20%–25% further upside.

The chart below shows this bullish Symmetrical Continuation Triangle, so called because of its two converging trendlines as shares make lower highs and higher lows. As the price swings around within an ever-narrower range, volume tapers off — then comes roaring back as the stock breaks above the upper trendline. Basically, this tells us that Kinross Gold is done consolidating and ready to resume its prior uptrend.

Trade of the Day: Kinross Gold Corporation (USA) (NYSE:KGC)

From here, Profit Scanner is looking for KGC to reach a profit target range of $6.90–$7.20 within 46 trading days. Kinross Gold has a robust option chain as well, for those who might want to grab some of the upside that way.

Profit Scanner powered by Recognia can help traders of all levels uncover these signals to determine the best timing to buy. Or use Profit Scanner’s technical insight to validate your own trading ideas. See how easy this powerful tool is to help you uncover hidden opportunities in the market.


Article printed from InvestorPlace Media, https://investorplace.com/2016/07/trade-day-kinross-gold-corporation-usa-nyse-kgc/.

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