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Minco Silver Technical Breakout?

Minco Silver Technical Breakout

In the past few trading sessions Minco Silver has risen roughly 15% as they began their Phase V Drilling on the Fuwan Silver Project in China.

The drill program consists of 23 holes for approximately 6,000 metres of drilling and it looks like investors were getting into position in anticipation of the good news that many predict will come from this project as the stock moved higher.

Minco Silver took a bit of a hammering as it is down from over $3.40 to now about $2.40 where it is encountering some technical resistance.

However with exploration silver stocks like Minco Silver, the stock prices tends to be results driven and rises on good results but falls of negative news or even on no news at all. Therefore technical analysis is limited but we can still see that Minco Silver has consolidated and now broken out of the downwards consolidation trend.

It remains to be seen if MSV can move above $2.40 but if we see some good results coming through, it should spark the stock to move significantly above the $2.40 level. We expect the results of the drilling program to be positive and we remain holders of Minco Silver and it remains as a BUY on our silver stock portfolio.

Minco Silver trades as MSV on the TSX and is one of the smaller silver stocks that we like with a market cap of C$74.59M

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