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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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.
