We bought Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC) late last month at what was thought to be a good entry point which is shown on the latest 6-month chart below.
But now, thanks to it reacting back a little more than expected, it is at an even better entry point, especially as its technical setup is even more positive.
The reasons that the setup is even more positive are that the earlier overbought condition as shown by the MACD indicator has continued to unwind to the point that it has now almost fully unwound, with the MACD histogram (bars) being good for a rally.
In addition, the price is now at strong support at the top of last year’s range, at the support of the lower rail of the prospective uptrend channel shown, and at support at the rising 50-day moving average.
So it would be most surprising and disappointing if it didn’t start higher soon from here.
This is therefore considered to be an excellent point to buy Arizona Silver Exploration or add to positions.
Arizona Silver Exploration's website.
Arizona Silver Exploration Inc. closed at CA$0.32, $0.24 on February 13, 2023. The stock trades in reasonable volumes on the US OTC market.
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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.
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Chart provided by the author.