We had a sizeable profit in uranium stock Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE), which we bought at a very good entry point early in August, but missed opportunities to take these profits late in September and again in mid-November ahead of a significant but normal correction.
We can see all this on its latest 6-month chart below, and the reason for bringing it to your attention now is that it is believed to be at a very good "buy spot" here ahead of renewed advance rather like Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB) that we picked up at a similar low in mid-November before it took off higher again. The reasons that the corrective downtrend from mid-November is believed to be normal is that it has brought the price back to a point above its still rising 200-day moving average, where it appears to be stabilizing and in addition, the Accumulation line has held up very well on the correction, almost flatlining, which is bullish. With Skyharbor now deeply oversold and at a support level, this looks like an excellent point to buy or add to positions ahead of renewed advance.
Skyharbour Resources' website.
Skyharbour Resources Ltd. closed at CA$0.47, $0.343 on January 5, 2024.
Originally posted on Clivemaund.com on January 7, 2024, at 12:15 pm EST.
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Important Disclosures:
- [Skyharbour Resources Ltd.] is a billboard sponsors of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [Skyharbour Resources Ltd. and Snowline Gold Corp.].
- [Clive Maund]: I determined which companies would be included in this article based on my research and understanding of the sector.
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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. 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.
