Astra Exploration Inc. (ASTR.TSX.V) is a junior exploration stock that is targeting gold and silver in northern Chile, and the reasons that we are looking at it this morning are that its chart is shaping up well and it came with good drilling results just this morning.
As Astra only came to market late in January, a six-month chart is sufficient to show all of the action in the stock. On this chart, we can see that soon after it started to trade it went into a quite severe downtrend that resulted in its losing more than half its value by the time this downtrend ended on the first of April with a bull hammer. After hitting bottom it reversed into a gentle uptrend which is continuing and the reaction of the past several weeks back across this uptrend channel to its lower boundary is viewed as presenting a buying opportunity, especially given the good drilling results that were published this morning.
Astra Exploration is therefore viewed as an attractive speculative buy here for another advance across the uptrend that could result in good percentage gains.
Astra Exploration website
Astra Exploration Inc., ASTR.V, closed at CA$0.19 on 24 May 22.
Originally posted on CliveMaund.com on May 25th, 2022.
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.
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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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