The fundamentals for Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) are excellent, as set out by Mr Bob Moriarty of 321gold in a recent piece he wrote on it.
So we have been angling for a good point to add to positions or make fresh purchases but have been waiting for signs that the intermediate downtrend of recent weeks has run its course.
As is so often the case, when too many people are positive on a stock, it drops, and that is what happened with this, excellent fundamentals or not, but now it looks like the excess enthusiasm has been wrung out.
Dolly Varden was mentioned as looking attractive some days back in a wide-ranging Market Notebook article and the reason for this article devoted just to it is that it put in a strongly bullish reversal candle, called a “dragonfly doji” yesterday, which is a sign that the low for the reaction is in and that it should now start higher again.
We have what may prove to be an excellent entry point now, for after closing near to the day’s high yesterday after a wide range that tested support, it is order for it to back off some today which is what it has done.
On short-term charts, we can see greater upside volume kicking in in recent days, which is encouraging.
The conclusion is that this is an excellent point to add to positions in Dolly Varden or make fresh purchases.
Dolly Varden Silver's website.
Dolly Varden Silver closed for trading at CA$0.90, $0.685 at 12.15 pm on March 16, 2023.
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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 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.
Disclosures
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
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