Aztec Minerals Corp.'s (AZT:TSX.V; AZZTF:OTCQB) stock is little changed from when we last looked at it early in May and the purpose of this update is to remind readers that it remains a Strong Buy in this price zone.
With respect to the interesting fundamentals of the company, a range of slides from the company's investor deck were presented in the original article on the company to which you are referred so there is no point in repeating them here, but note that as the latest dated is dated May, there may be some changes so you may want to go directly to this latest deck.
Now, we will proceed to look at the latest charts for Aztec Minerals to see how it measures up. On its latest 8-month chart, we can see that although the price dropped a little lower after we first looked at it early last month, essentially, the picture remains the same, with the stock coming to the end of a normal post-breakout reaction that has brought it back to the upper support level shown, and with it increasingly clear that this downtrend has taken the form of a bullish Falling Wedge, it is reasonable to expect the price to break out of it to the upside before much much longer, especially given the potential for a big discovery to be made at the company's properties and the exceptionally positive outlook for the sector.
A very large block of stock was traded at the turn of the month, as we can see on the 3-month chart below, after which the price dropped back some. There was nothing sinister about this — it was a "cross" trade involving the purchase by EuroPacific Gold Fund of the late Aztec founder Bradford Cooke's estate shares.
The 2-year chart reminds us that the sharp advance in April was a "preliminary" breakout. We had defined it as such in the original report, and being preliminary explains why it reacted back so much as it needed to "do more work" in the base pattern before a sustainable advance could gain traction.
A sustainable advance, in other words a breakout that holds, is what is expected next which is a big reason why the stock is considered to be more of a Buy than when we first looked at it.
Holders should, therefore, stay long, and Aztec Minerals is rated a Strong Buy here.
Aztec Minerals' website.
Aztec Minerals Corp.'s (AZT:TSX.V; AZZTF:OTCQB) closed for trading at CA$0.18, US$0.13457 on June 12, 2024
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- For this article, the Company has paid Street Smart, an affiliate of Streetwise Reports, US$1,500 in addition to the monthly consulting fee.
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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. 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 construed as a recommendation or solicitation to buy and sell securities.
