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TICKERS: MMG; MMNGF

Technical Analyst: This Silver Stock Is About to Break Out
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Technical analyst Clive Maund charts Metallic Minerals and explains why he believes the stock is "now ready to break out to the upside."

We bought Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCMKTS) at a very good entry point two weeks ago, and it is worth bringing it to your attention again here because its technical condition has since continued to improve and also as a worthy destination for funds to be liberated by our profitable sale of Norseman Silver, which has appreciated by some 60% since we bought it two weeks ago.

On its latest 8-month chart we can see that the setup is now strongly bullish, with a completed correction back towards its rising 200-day moving average followed by a rectangular consolidation pattern that has allowed time for the 200-day moving average to catch up and moving averages to swing into bullish alignment. Starting with the high volume bull hammer about two weeks ago which alerted us to buy, we have seen some aggressive buying since that has driven the Accumulation line strongly higher. This is a sign that it is now ready to break out to the upside, and of course we can expect this to synchronize with an advance in the price of silver, which is hardly surprising considering that the dollar is staring into an abyss.


We therefore stay long and Metallic Minerals is rated an immediate strong buy here.

Metallic Minerals website.

Metallic Minerals Corp, MMG.V, MMNGF on OTC, closed at C$0.68, $0.524 on 24th December 20.

Originally posted on CliveMaund.com at 10.15 am EST on 27th November 2020.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares 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. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in the article are sponsors of Streetwise Reports: Metallic Minerals. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Minerals and Norsemen Silver, companies mentioned in this article.

Chart provided by the author.

CliveMaund.com Disclosure:
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.





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