Source: Clive Maund
June 30, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund takes a look at Arizona Silver Corp. to answer whether or not it is time to buy back.
Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC)
Like vultures waiting patiently perched on a branch for a body to stop twitching, we have waited for frustrated bulls to “throw in the towel” and finally capitulate and dump their stock so that we can buy it at a much better price.
This they appeared to do on Friday with a sharp drop that sliced through nearby support with the price plunging to a broad zone of strong support at a lower level, and it could be that the market has gotten wind of funding which would be unlikely to be much below the current price, if at all, and the price may have just moved to discount it.
A big reason that we expected this further drop, as set out in the last update, was the then very large gap between the main moving averages.
With Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC) now heavily oversold and in a zone of strong support and the price below a still-rising 200-day moving average, the time is believed to have come to buy it back.
Arizona Silver Exploration is therefore rated an immediate Strong Speculative Buy here for all timeframes.
Buyers should not be surprised to see it zigzag around in this area for a Little while before gaining upside traction, and it could drop a little lower short-term, although it could begin to recover immediately. Imagine that the world leaders and politicians in this video clip are talking about Arizona Silver Exploration now and substitute the phrase Buy Back Better which is what we are aiming to do now.
Arizona Silver Exploration’s website.
Arizona Silver Exploration Inc. closed at CA$0.33, $0.256 on June 23, 2023. The stock trades in reasonable volumes on the US OTC market.
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