It is worth bringing Silver X Mining Corp. (AGX:TSX.V) to your attention yet again — we last looked at it on March 25 — because its lack of performance as other silver stocks race ahead is a growing anomaly, and it is an anomaly that is due to the company being engaged in a significant financing, and because this financing is at 18 cents, it explains why the price has dropped to this area and is hanging around in the 18 – 20 cent area.
This financing is understood to be going well, so it shouldn't be long before it is announced to be closed. We can think of the effect of this financing on the stock price is like a beach ball that is pushed underwater, and most of us know what that leads to.
Therefore, as soon as the financing is announced closed, the stock should race ahead as it moves to catch up with other silver stocks.
Certainly, the stock chart for Silver X supports the contention that it will soon take off at a higher level. On the 6-month chart, we can see that it is right now marking out the Right Shoulder low of a downsloping Head-and-Shoulders bottom.
The persistent strong upside volume during the first half of March as the price rose to form the right side of the Head of the pattern that drove the Accumulation line steeply higher is viewed as a strongly bullish indication and we should not be thrown by the line dropping back in recent days because this appears to have been caused by a big "cross trade" on the second and the same buyer may be behind the big volume that continued yesterday (third), although this is not known. Cross trades at low positions like this tend to be due to Big Money taking positions ahead of a rally.
In conclusion, it is thought highly likely that Silver X will surge higher immediately after the funding is announced closed — and that could happen soon. Holders should, therefore, stay long and may want to add to positions, and Silver X is rated an Immediate Strong Buy for all timeframes.
With the outlook for silver prices now better than it has been for many years, as set out by Ron Struthers in his article "Expert Says Silver is Imminent" and by myself in the last Silver Market update — the STRONGLY BULLISH CASE FOR SILVER COULD NOT BE CLEARER the case for buying Silver X here is viewed as ironclad.
Silver X Mining's website.
Silver X Mining Corp. (AGX:TSX.V) closed at CA$0.20, $0.15 on April 3, 2024.
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- Silver X Mining Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver X Mining Corp.
- Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing this article. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in this content accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed
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Clivemaund.com Disclosures
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. 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 cannot be only be construed as a recommendation or solicitation to buy and sell securities.
