We last bought Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) just over a month ago on the 8th June at what turned out to be a good entry point that was the result of being beaten down by a major funding.
Having seen the news about China cutting off the U.S. from rare earth metals, I figured that Defense Metals would be a big beneficiary of this action, since its production is in North America, and prepared a new chart for an update on it, but, mindful of the measuring implications of the Head-and-Shoulders top shown on its 6-month chart below and the staircase down pattern, got discouraged when it opened flat. So I put it on back burner and did other things but when I looked at it later in the day it had broken higher and, giving it further consideration I realize that given geopolitical realities, this is a stock that will probably go much, much higher.
It is believed that a major new uptrend in Defense Metals has just been birthed so we stay long and it is rated an immediate strong buy.
Defense Metals website
Defense Metals Corp DEFN.V, DFMTF on OTC, closed at C$0.24, $0.182 EDT on 10th July 23.
Posted on CliveMaund.com at 7.50 am EDT on 10th July 23.
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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.
