Benzinga - by The Gold Report, Benzinga Contributor.
Source: Clive Maund 05/22/2024
Technical Analyst Clive Maund shares six silver stocks he thinks are ready to advance.
It was looking increasingly likely at the start of that month that the sector correction had run its course, and gold and silver were starting the week strong.
It, therefore, looks like another major upleg will begin imminently in many gold and silver (and copper) stocks. The following silver stocks, in particular, look poised to advance.
Note that if there are some stocks that we looked at before that are not on this list, it doesn't mean that they are not liked and won't perform, it's just that these are the most liked at this time.
Dolly Varden Silver Corp. (OTC: DOLLF) is a fine countertrend Pennant has formed in Dolly Varden over the past month that has brought it back to support above its rising 50-day moving average and unwound its earlier overbought condition.
The next upleg should start soon, and it could be big.
GoGold Resources Inc. (OTC: GLGDF): A zig-zagging countertrend Pennant has formed in GoGold in recent weeks, with the dip at the start of the month bringing it back to a nice "buy spot" above its moving averages that are set to cross soon and will on the next upleg that should begin shortly.
Guanajuato Silver Co. (OTC: GSVRF): The correction of recent weeks in Guanajuato was exacerbated when it got whacked hard by a big funding at CA$0.20.
This funding was upscaled as a result of its being well taken up. The drop has, therefore, presented new buyers, especially with an opportunity to pick it up cheaply. The Accumulation line has held held up very well indeed on the drop, which implies that it will soon advance anew, especially as the sector advances and the funding is digested.
Coeur Mining Inc. (NYSE: CDE) has made what looks like a consolidation Flag over the past month, which should launch it into another upleg soon.
Silver Mountain Resources Inc. (OTC: AGMRF) did break out as expected early in April, but then, partly due at least to the sector correction, it came skidding back down again to lose all the gains and a little bit more.
It's oversold here at a support level, and some strong buying last week drove the Accumulation line higher, suggesting it's going back up again, so it is rated an Immediate Strong Buy here.
Silver Storm Mining Ltd (OTC: SVRSF) was propelled higher during the first half of April on very strong buying with very big volume up days. Small wonder then that it has since not reacted back much on the sector correction.
Instead, what has happened is that a fine bull Pennant has formed on declining volume, which dwindled to a relatively low-level last week as it held above a clear line of support at CA$0.155, with the Accumulation line rising steeply. This implies that it will soon take off higher again, and the next upleg is likely to be STRONG.
Important Disclosures:
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.
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