Technical analyst Clive Maund reviews Silver North Resources Ltd. to explain why it is a strong immediate purchase.
It's a good time to take another look Silver North Resources Ltd. (SNAG:CVE;TARSF:OTCMKTS) because it is at another favorable buying point. Although the fundamentals of the company have been covered in previous articles, some important news has arrived. since we last watched it a month agothat's it SILVER NORD OPTIONS SILVER RDA PROJECT.
Given the extraordinarily positive outlook for silver, it makes sense for the company to acquire more prospective land, especially since it is close to their existing Tim property and therefore makes sense from a logistical standpoint.
Jason Weber, P.Geo., President and CEO of Silver North, commented: “The acquisition of GDR represents a strategic move to acquire additional prospective land for high-grade CRD silver mineralization in this under-explored district. Due to the nature of these properties, all three exhibit characteristics favorable to CRD mineralization. In particular, the Veronica claim group presents a strong, unexplained multi-element geochemical anomaly just west of our Tim property. This complements the Tim property nicely and gives Silver North access to more prospective stratigraphy in this district. »
Before we move on to reviewing the most important stock charts, it's worth grounding ourselves in the company's fundamental circumstances by way of a few interesting slides from the company's latest report. Investor platform.
The Company's two main properties are Haldane and Tim, both located in the Yukon Territory of Canada, some details of which are provided on the next slide.
The next slide shows the location of these two Yukon properties.
The next slide shows the view from Mount Haldane and gives an idea of the local terrain.
The company's plans for the Haldane project are summarized on this slide.
The Company's other main project, the Tim Property, is optioned to Coeur Mining, as detailed on this slide.
Finally, this slide shows that of the 43.4 million shares issued, more than half are held by executives, funds and individuals, leaving 47% to retail investors.
If you would like more information, including the company's properties and geology, see the company's latest newsletter. investor presentation.
Turning now to the charts, we will soon see that we have another good entry point for Silver North Resources here, after its decline this month to the lower limit of what can now be considered a range rectangular trading pattern on its 6-month chart. This is a “step” about to break out of the basic Triple Bottom pattern, clearly visible on its long-term charts.
Lower volumes during this decline are bullish, and the ascending 50-day moving average now comes into play to generate upside against the backdrop of an increasingly strong silver price. If, as expected, the price rises above the top of the rectangular trading range, it will soon lead to a bullish crossover of the moving averages, which will mark the start of a major bull market.
On the 2-year chart we can see in some detail the triple bottom that has formed since last October, how price is now moving away from the third lowest of the pattern, and a breakout of the entire basic configuration will be signaled by the price crossing the resistance band which marks its upper limit, which as we can see is between CA$0.28 and CA$0.30, and although it is still far away To achieve this, the downside is that the stock will have doubled in price from its current level by the time it reaches the breakout point.
The 5-year chart is very encouraging because it shows us the recent basic trend in the context of the severe bear market that preceded it. This chart clearly shows that Silver North is very attractively priced for buyers here, as it is clear that once it breaks out of the base pattern by clearing nearby resistance, a major bull market will be in prospect, which will result in substantial gains. the current low price.
The accumulation line at the top of this chart is trending strongly upward, indicating a high probability of this scenario coming true, and the MACD indicator shows great upside potential from there.
We therefore remain long, and Silver North is rated as an immediate strong buy for an upcoming advance from the lower end of its current rectangular trading range, which will result in significant percentage gains from the current price as he progresses towards the exit of the base. tendency to turn into a major bull market.
The first immediate target for the advance is the top of the current trading range between C$0.19 and C$0.20. Click this link to see the stock's highest targets.
Silver North Resources Ltd. (SNAG:CVE;TARSF:OTCMKTS) closed at CA$0.15, US$0.12 on May 16, 2024.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their households) own securities of Silver North Resources Ltd.
- Certification and remuneration of authors: (Clive Maund of clivemaund.com) is compensated as an independent contractor by Street Smart, a subsidiary of Streetwise Reports, for the writing of this article. Maund qualified as a British Technical Analyst in 1989. The recommendations and opinions expressed in this content fairly reflect the personal, independent and objective views of the author regarding all designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or opinions expressed.
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Clivemaund.com 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 do not constitute a recommendation or offer to buy or sell any security. Because trading and investing in any financial market may involve significant risk of loss, Mr. Maund recommends that you consult a qualified investment advisor, licensed by the appropriate regulatory bodies in your jurisdiction, and make your own due diligence and your own research when making any kind of transactions. of a transaction with financial consequences. Although qualified and experienced stock analyst, Clive Maund is not a registered securities advisor. Therefore, Mr. Maund's opinions on the market and stocks should not be construed solely as a recommendation or solicitation to buy and sell securities.