Barsele Minerals Corp. (BME:TSX.V; BRSLF:OTCQB) continues to shape up well and whilst our original entry point back in January was certainly nothing to boast about, our second entry point in May was a lot better so that we are now up on both our purchases, as can be seen on its latest 6-month chart below. What has happened through all of June following the spike in May is that the stock has consolidated in what now clearly looks like a classic bull Flag. The volume pattern whilst this Flag has developed is strongly bullish, with almost exclusively upside volume, which is why the Accumulation line broke to new highs a couple of days ago. Whilst this Flag formed the earlier overbought condition unwound and we saw a bullish cross of the moving averages, which are now very favorably aligned.
The current setup suggests that the bull Flag is about complete and that another sharp upleg is to be expected soon. So we stay long and after Friday's dip; Barsele is a buy again here. The bullish price/volume of recent weeks when there has been a dearth of news is another positive sign—perhaps there will be some news soon?...
Because volume in the U.S. traded stock is very light, Barsele should ideally be bought (and sold) on the Canadian market.
Barsele Minerals website.
Barsele Minerals Corp., BME.V, BRSLF on OTC, closed at C$0.70, $0.58 on 2th July 2021.
Posted on CliveMaund.com at 2.30 pm EDT on 4th July 2021.
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.[NLINSERT]
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Charts provided by the author.
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