We bought Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCMKTS) at a very good entry point two weeks ago, and it is worth bringing it to your attention again here because its technical condition has since continued to improve and also as a worthy destination for funds to be liberated by our profitable sale of Norseman Silver, which has appreciated by some 60% since we bought it two weeks ago.
On its latest 8-month chart we can see that the setup is now strongly bullish, with a completed correction back towards its rising 200-day moving average followed by a rectangular consolidation pattern that has allowed time for the 200-day moving average to catch up and moving averages to swing into bullish alignment. Starting with the high volume bull hammer about two weeks ago which alerted us to buy, we have seen some aggressive buying since that has driven the Accumulation line strongly higher. This is a sign that it is now ready to break out to the upside, and of course we can expect this to synchronize with an advance in the price of silver, which is hardly surprising considering that the dollar is staring into an abyss.
We therefore stay long and Metallic Minerals is rated an immediate strong buy here.
Metallic Minerals website.
Metallic Minerals Corp, MMG.V, MMNGF on OTC, closed at C$0.68, $0.524 on 24th December 20.
Originally posted on CliveMaund.com at 10.15 am EST on 27th November 2020.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
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Chart provided by the author.
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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. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. 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 can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
