Collective Mining Ltd. (CNL:TSXV) is rated an Immediate Strong Speculative Buy as close to the open this morning as possible. Its chart is looking very positive and the news came out that it has drilled its best hole to date.
On its latest 6-month chart below, we can see that when it broke down in September and tumbled along with many other gold and silver stocks, its Accumulation line held up well and has even been making new highs. This bodes well for recovery, even without the good news just out.
Right now, it appears to be at the second low of a Double Bottom with the strong Accumulation line already mentioned, still rising 200-day moving average, and positive divergence of momentum (MACD), all pointing to imminent recovery.
Collective Mining is therefore rated an Immediate Strong Speculative Buy as close to the open as possible.
Collective Mining's website.
Collective Mining Ltd. closed at CA$4.46, $3.19 on October 27, 2023. Collective Mining is thinly traded on the US OTC market, where limit orders should always be employed.
Originally posted at Clivemaund.com at 9.25 EDT on October 30, 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.