Long Position on KL @ $47.20 on 9/20/2019 (Momentum)

Kirkland 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 are heading higher in an upward trading channel. The lower boundary of the channel coincides with the stock's 50-day moving average. Higher share prices are expected.

On July 30th, Kirkland Lake Gold (KL) reported 2nd Quarter June 2019 earnings of $0.50 per share on revenue of $281.3 million. The consensus earnings estimate was $0.49 per share on revenue of $273.6 million. Revenue grew 31.0% on a year-over-year basis.

Entry Point: $47.20

Trading Range: $17.53 to $51.08

Stop Loss: $44.75

Target Price: $51.50

Updates

11/14/2019 11:23:55 AM

KL closed at $47.80

Position closed on 11/14/2019 at price of $47.80 with a 1.27% gain in 55 days.

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