Tech Analyst Says 'Another Major Upleg Should Develop Soon'
Source: Clive Maund
March 14, 2023 (Investorideas.com Newswire) While technical analyst Clive Maund touched on Snowline Gold Corp. earlier this year, he felt is was imperative to take a look at it again. Today, Maund reviews the company's 6-month and 1-year charts to tell you why he believes the company is at a great entry point.
We went for Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB) late in January at a somewhat higher price, thinking it had probably hit bottom after its decline to the lower boundary of a large trading range, but it hadn't, and it sank even lower in sympathy with further sector weakness.
That said, the setup now looks more favorable than back then, with it looking like it is very close to the Right Shoulder low of the potential Head-and-Shoulders bottom shown on the 6-month chart below.
Whilst it is true that it apparently breached the support at the lower boundary of the trading range, which was at about CA$2.25 last September, it is suspected that this may be a "head fake," especially as the Accumulation line continues to show impressive relative strength relative to the price and the entire sector looks due a rally soon.
For the reasons set out on the 1-year chart, all of the action from the peak last August is thought to be a correction/consolidation to the big runup into last August.
If so, then another major upleg should develop soon, and here's the thing — even if a large top is forming, there is a good chance that it will make another run at the top of the trading range, which would result in significant percentage gains from here.
If the current pattern is indeed a small Head-and-Shoulders bottom, then we are at a great entry point here very close to its Right Shoulder low, and another advantage for buyers here is that, due to the proximity of key support, fairly close stops can be set beneath it, say at just below CA$2.00, to limit loss in the event that the judgment on it is proven incorrect.
Snowline Gold's website.
Snowline Gold Corp. closed for trading at CA$2.28, $1.68 at 3.12 pm EST on March 9, 2023.
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.
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
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