Source: Clive Maund
July 10, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund takes a look at Metallic Minerals Corp.’s 6-month chart to tell you why he believes it is an Immediate Buy.
Many silver stocks are looking like Buys here after their recent significant reactions, and Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) is amongst them and is distinguished by the fact that its Accumulation line is already making new highs, as we will see which is a sign of internal strength that makes it all the more likely that it will rally soon off support.
On its latest 6-month chart, we can see that Metallic Minerals has reacted back since mid-May in a normal manner in sympathy with falling silver (and gold) prices and falling PM stock prices.
This reaction has taken the form of an orderly downtrend that has by now resulted in the stock becoming oversold as it arrives at a zone of significant support, and in common with many other silver stocks, it looks ready to turn up and start advancing again soon.
As mentioned above, the Accumulation line is very positive indeed as it is already making news highs despite the drop in the price, and this holds out the promise of a new uptrend getting going soon.
Metallic Minerals is therefore rated an Immediate Speculative Buy here for all timeframes.
Metallic Minerals’ website.
Metallic Minerals Corp. closed for trading at CA$0.30, $0.228 at 1.15 pm EDT on June 26, 2023.
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