Hecla Mining (HL) Price Forecast: Double Bottom Targets Bullish Breakout

Building a Bullish Reversal Base

Hecla Mining Company (HL) is a low-cost precious metals producer that operates silver and gold mines in North America and is the largest primary silver producer in the region. Its stock has formed a potential double bottom bullish reversal pattern near the resistance zone of the 100-day and 20-week moving averages and not far from support near the 200-day moving average.

Further, the bearish correction found support at a low of $16.25, essentially completing a 61.8% Fibonacci retracement of the prior full advance that began from the April 2025 low. That retracement level may prove significant, as it helped establish the foundation for the developing reversal structure now challenging key resistance zones.

Following a second and higher low of $17.03 in May, HL started to strengthen. That low is now key support for the developing bull trend. Strength was confirmed by a recent reclaim of both the 20-day and 50-day moving averages. Also, an initial signal for a double bottom breakout triggered on Wednesday and established a slightly higher swing high of $21.30. That advance may mark the beginning of a more decisive breakout attempt as HL continues testing a key confluence resistance zone.

Resistance Zone Defines Next Move

The neckline and therefore the original breakout level for the double bottom pattern is the lower swing high from April at $21.05. However, an initial breakout was attempted on Wednesday, with a slightly higher high of $21.30 established. This means that another breakout attempt needs to exceed that high to confirm a continuation of the developing bull trend.

Notably, resistance for the double bottom pattern is marked by the 100-day moving average at $21.19 and the 20-week moving average at $21.26. A decisive move above both indicators would further confirm strength in the bullish reversal attempt. Since those indicators are clustered near the neckline breakout level, they collectively define a critical price zone that could influence the next directional move. Resistance confirmation adds to the potential significance of an upside breakout and the possibility for strong bullish momentum if it triggers.

Fibonacci Targets Extend Above January Peak

Following a successful breakout of the double bottom, initial upside targets are the prior swing high of $25.21 and the 61.8% Fibonacci retracement at $27.32. If the trend can extend beyond the 78.6% Fibonacci retracement at $30.34, it may then have a chance to reach new highs above the $34.17 peak from January.

Higher potential targets include the 127.2% Fibonacci retracement at $39.04 and the 161.8% Fibonacci retracement at $45.24. Given the significance of the current resistance zone and the developing double bottom structure, a confirmed breakout could mark the continuation of the larger bullish advance that began following the April 2025 low.