McEwen Mining Inc (NYSE:MUX) Stock Continues to Move in a Range: What Next?
Stocks which move within a range for a certain period of time may often breakout in a big way as well and hence, it might not be a bad idea for investors to keep an eye on the McEwen Mining Inc (NYSE:MUX) stock.
The McEwen Mining stock has been range bound over the past days and before the beginning of another week, investors could consider taking a look at some of the latest developments. Back on July 13 the company provided an update with regards to its consolidation production in the second quarter.
McEwen Mining reported that it produced 31700 ounces of gold and 611800 ounces of silver. That worked out to 40800 gold equivalent ounces. That represents a massive jump from the only 19200 gold equivalent ounces that had been produced by the company in the year ago period.
More importantly, McEwen Mining also revealed that the its overall production for the year remains on course to match the previously announced projections. The rise in production on a year on year basis is a significant development for the company and it has not led to any action in its stock, it could be a good idea for investors to keep the McEwen stock in their watch lists.
Market Reaction:
On Friday, MUX stock fell 0.88% at $1.13 with more than 2.20 million shares, compared to its average volume of 5.28 million shares. The stock has moved within a range of $1.1100 – 1.1400 after opening the trade at $1.13. Over the past 52-week, the stock has been trading within a range of $0.9000 – 1.7100.
