Source: Clive Maund 11/09/2022
Expert Clive Maund reviews the 6-month charts of nine companies he believes are worth keeping an eye on. Aldeyra Therapeutics
After hitting a cyclical low back in February Aldeyra Therapeutics Inc. (ALDX:NASDAQ) rallied strongly to break clear above its 200-day moving average, which has now turned up.
After becoming very overbought early in August, it has reacted back in a normal manner towards this average above, which what looks like a base pattern has formed over the past six weeks.
With its volume pattern and volume indicators positive, it is in position to begin an uptrend, and the largish white candle about a week ago may mark the start of it.
Action since this candle looks like a tiny bull Flag suggesting renewed advance soon. Buyers here should place a stop below US$5.00.
is in a position to advance out of a base pattern that has formed over the past couple of months.
Its volume pattern is positive, and its Accumulation line is strongly positive, with momentum (MACD) now swinging positive.
The initial target for an advance will be this year’s highs in the US$4.70 area, which is the upper boundary of the large trading range that has formed since last Spring.
Danavation Tech Corp.
A large Head-and-Shoulders bottom appears to be completing inwith the price having reacted back since August to what is believed to be the Right Shoulder low.
If so, it is at a great entry point here. The Accumulation line is very strong and making new highs despite the dip and with its MACD indicator below the zero line, it has plenty of upside potential from here.
It should start higher soon.
Buyers should place a stop at CA$0.244.
Data Communications Management Corp.
After a sharp rally early in August,has been moving sideways, consolidating in a pattern that resembles a bullish Rising Triangle that has allowed the 50-day moving average to catch up to the price which it is now nudging higher toward an upside breakout.
With volume indicators overall positive, momentum-swinging positive again, and moving averages in quite strongly bullish alignment, it is in a position to break into another upleg imminently.
Phenom Resources Corp.
Phenom Resources Corp. (PHNM:TSX.V; PHNMF:OTCQX; 1PY:FSE) has continued to strengthen since it was recommended on the site in the Market Notebook article of the 16th October, and a week ago, it advanced again on very strong volume that this time drove its Accumulation line sharply higher with its On-balance Volume line trending higher for months despite the price being in a downtrend.
The persistent heavy volume of the past month suggests that it is building up to something possibly big.
So we stay long and it remains a buy here and especially on any minor dips.
Reliq Health Technologies
is believed to have been in a basing process since last May, marking out what can either be described as a Head-and-Shoulders bottom or a Cup & Handle base.
It attempted to break higher on an increased volume about a week ago, but with its 200-day moving average still dropping toward the price overhead, it was not quite ready. With the dip of recent days presenting us with a better entry point, this looks like a good time to buy.
There is a clear line of support at CA$0.50, so a good point to place stops would be at about CA$0.485.
Silver Hammer Mining Corp.
Silver Hammer Mining Corp. (HAMR:CSE; HAMRF:OTCQB) has been trundling sideways since June, marking out what is believed to be a low Pan base, especially given the now positive outlook for silver.
Whilst it could break lower from this pattern, this is only likely if a market crash forces the sector temporarily lower.
Otherwise, it looks set to break higher.
However, we should note that it may take some more time to do so, given that the falling 200-day moving average is still some way above the price. Positives are that the Accumulation line has held up quite well on the decline from the peak last April, and downside momentum (MACD) has dropped out.
Thought best for new buyers to wait to see if the price can hold in this area until the 200-day moving average has dropped down closer to the price, watching out for an influx of upside volume as a sign that it is ready to advance.
Slave Lake Zinc Corp.
Slave Lake Zinc Corp. (SLZ:CSE) popped higher on strong volume yesterday on good news out of the company that it deems it worthwhile to proceed with prospecting at O’Connor Lake.
With the company looking set to move forward, the move yesterday looks like the beginning of a new uptrend following the tedious downtrend from the highs of last April, and it is viewed as a speculative buy here and especially on any near-term dips.
October saw a strong advance byfrom a low at about CA$0.165 early in the month to touch CA$0.335 two weeks later. This impressive move was accompanied by persistent heavy upside volume, which is bullish.
Not surprisingly, this advance “hit the wall” when it became very overbought at a zone of quite strong resistance near a still falling 200-day moving average, so after several days of churning, it has dropped back over the past couple of days.
However, the volume pattern and volume indicators remain strongly positive, with volume dying right back as it has reacted, which suggests that it will soon turn higher again, so it is rated an immediate buy here.
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.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Dakota Gold Corp., Danavation Technologies Corp., Data Communications Management Corp., Reliq Health Technologies Inc., and Wealth Minerals Ltd. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Danavation Technologies Corp. and Slave Lake Zinc Corp. Please click here for more information.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aldeyra Therapeutics Inc., Dakota Gold Corp., Phenom Resources Corp., and Silver Hammer Mining Corp., companies mentioned in this article.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
( Companies Mentioned: ALDX:NASDAQ, DC:NYSE American, DVN:CSE; DVNCF:OTCQB, DCM:TSX; DCMDF:OTCQX, PHNM:TSX.V; PHNMF:OTCQX; 1PY:FSE, RHT:TSX.V; RQHTF:OTCQB; A2AJTB:WKN, HAMR:CSE; HAMRF:OTCQB, SLZ:CSE, WML:TSX.V; WMLLF:OTCQB, )
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