Long Position on KL @ $45.95 on 7/18/2019 (Momentum)

bullish cup and handle $KLKirkland Lake Gold Ltd. (KL) engages in the exploration and development of gold properties.

The company owns and operates four underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria, Australia, as well as three milling facilities in Canada and Australia.

The company was formerly known as Newmarket Gold Inc. and changed its name to Kirkland Lake Gold Ltd. in December 2016.

Shares have formed a bullish "cup and handle" and are now breaking out of this formation. Higher share prices are expected.

On May 7th, Kirkland Lake Gold (KL) reported 1st Quarter March 2019 earnings of $0.53 per share on revenue of $304.9 million. The consensus earnings estimate was $0.52 per share on revenue of $289.9 million. Revenue grew 53.8% on a year-over-year basis.

 

Entry Point: $45.95

Trading Range: $17.26 - $46.01

Stop Loss: $43.60

Target Price: $50.50

Updates

8/27/2019 1:24:53 PM

KL closed at $50.10

Position closed on 8/27/2019 at price of $50.10 with a 9.03% gain in 40 days.

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