We took profits or partial profits in related stocks Enviroleach Technologies Inc. (ETI:CSE) and Mineworx Technologies Ltd. (MWX:TSX.V; MWXRF:OTCQB) about three weeks ago, in the full knowledge that theirs is a great story, because they were both heavily overbought, and we figured we could buy them back cheaper later, especially if the broad market got slammed—and both developments have come to pass. They have both reacted back sufficiently to justify our actions, have both unwound their respective overbought conditions, and both look like a strong buy again here. The extraordinary Enviroleach and Mineworx story may be read in my piece entitled THE FUTURE OF MINING: URBAN MINING, which was posted back in November.The latest news on Enviroleach sounds very positive indeed; Enviroleach has submitted for "Innovation of the Year" at the Mining Disruption Conference contest, where the prize is a million dollars, and the company feels that it is a very strong contender. The contest takes place in the 1st week of March. What is probably of more importance is that Jabil is nearing completion of the thorough testing of the E-waste mobile plant in Tennessee. Lastly and even more importantly from the standpoint of investors is that the mood at Enviroleach is that Jabil will take them out sooner, rather than later. Turning to quickly review the latest charts, we see firstly that Enviroleach looks like it is at a very good entry point here as a corrective bull Flag appears to be completing within a major uptrend channel. It is truly remarkable that it has not reacted more given what has just happened to broad market—and a sign of strength. Sudden low volume yesterday may be a sign that it is now ready to advance again.
Both Enviroleach and Mineworx are regarded as strong buys again here for a new upleg.
Enviroleach Technologies website
Enviroleach Technologies Inc, ETI. CSX, EVLLF on OTC, closed at C$1.79, $1.40 on 16th January 18.
Mineworx Technologies website
Mineworx Technologies Ltd, MWX.V, MWXRF on OTC, closed at C$0.28, $0.235 on 16th January 18.
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Charts provided by the author.
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. Mr. Maund does not own securities of Lion One.