Weekly Watchlist - June.02, 2024
We seen alot of consolidation in the commodities and underlying stocks this week, Precious Metals and particularly Silver have an important week ahead.
I have posted the last couple weeks about silver and want to follow up again on the precious metal. Silver went through more consolidation this week and sentiment cooled off sharply with many calling for a failed breakout and much lower levels. What I don’t see many talking about is the highest monthly close that just occurred since 2013. This looks like a clear breakout on the monthly chart which is extremely important.
Usually when these important monthly closes occur, the price gets hammered and closes just below the important level in play, we seen this with the $26 level multiple times. This time around we needed to see $30 hold and it did with room to spare. I think the next couple weeks are going to be important for the metal but I remain very bullish and continue to hold my silver stocks.
Here is the stocks on my watchlist for the upcoming week.
Noble Mineral Exploration - $17 Million Canadian
Volume often precedes price, Noble had been averaging around 200k shares of volume per week for the last few months, but this week we seen over 1.6 million shares traded. I still want to see the stock breakout of it’s near term resistance, but it’s worth monitoring next week.
The company owns shares of a couple other junior mining stocks, including Canada Nickel. They just announced a drill program set to commence in Mid-June. This is to follow up on a recent geophysics program and a large boulder that was packed full of mineralization that was discovered on the property. With the news of the recent program and some compelling targets, it looks like many speculators are getting a ticket here. The most recent news release is worth a look. Noble News Release
Below is the mineral content found in the boulder on the property.
Goliath Resources - $112 Million Canadian
Goliath has been a stock I have been following for the last couple years as they have continually been able to release some great drill results with room for lots of growth and new discoveries. They have already identified 10 gold veins on the property, the 2024 drill program will likely yield some really exciting results.
I am looking for the stock to clear the resistance of the last 1.5 years on strong volume, I would expect it do so with some strong catalysts ahead.
Max Power Mining - Market Cap $18 Million Canadian
It’s rare to see a lithium stock on the move these days, but Max power has had a nice run up so far this year as it made a new grassroots discovery in Arizona. The company recently closed its private placement and looks to continue drilling out the discovery this summer.
Volume has really increased in recent weeks as the stock looks to continue its upward trajectory and has some nice potential upcoming catalysts.
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