The junior mining, exploration and development names often go to their own drummer, especially as gold stock rallies mature. As such, I want to review again some crazy technical targets on a few of my holdings (SBB.TO and MMX not currently held). It is so important to note here that these are not predictions, but for crying out loud they are chart patterns and measurements and I don’t want to be afraid to write about bullish objectives when I see them.
The shaded pattern on OSK.TO (OBNNF) targets 6.60. That is the measurement should it take out resistance right here.
AXU already took out its neckline and as noted in NFTRH has been flying a bull flag to test the break above the 2019 high. A gap can fill at 2.50, but the measurement is much higher, assuming the pattern top holds as support.
MAG is well along on its way after breaking the pattern to the upside.
MMX (a small royalty) is much more suspect than those above, but considering the moonshot it’s fellow small royalty EMX went on, why not throw it up here too?
SBB.TO (SGSVF) is another that is a bit more suspect, but if it breaks out it’s likely to get some real momo chasing it.
These are just a few names in bullish patterns that, with the exception of MAG, have not really gone very far with the sector. Other larger names have been rallying in a more straightforward manner and indeed a couple of my holdings, KL and OR, recently broke upward from similar patterns to those above and target significantly higher.
It is seeing charts like these that asks me to consider that maybe the ending stages of the rally will include some fireworks in the lesser names. In the previous bull market that was often the case.
It’s just an FYI update for those interested and not a call to action.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
