Silvercrest Metals Inc - (SIL.TO) - November 15, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Since the beginning of this month, Silvercrest Metals (SIL.TO) has been rocketing back up the rankings in the SIA S&P/TSX Composite Index report, driving up out of the red zone, where it had languished for six months, and returning to the Green Favored Zone yesterday for the first time since April. Yesterday, SIL.TO climbed 26 positions to 56th place and it is up 54 spots in the last month.

A major breakout is underway in Silvercrest Metals (SIL.TO) shares. Between August and October, a bullish Head and Shoulders base (circled) indicated that a downtrend was nearing its end. This month, the shares have embarked on a new uptrend, completing the base, and snapping a downtrend line. Recent gains, which started with a breakaway gap, have come on increasing volumes, a sign of renewed accumulation.

Initial upside resistance appears in the $10.00 to $10.50 zone where a round number, measured move and previous resistance cluster. Initial support moves up to the $8.25 recent breakout point.

 

A previous downtrend in Silvercrest Metals (SIL.TO) appears to have bottomed out back in September. Since then, the shares have shown signs of renewed interest, completing two bullish Double Top breakouts, and establishing a new uptrend of higher lows.

Potential upside resistance tests appear near $9.55 based on a horizontal count, the $10.00 round number, and $10.55 based on a vertical count. Initial support appears near $8.15 based on a common 3-box reversal.

With a perfect SMAX score of 10, SIL.TO is exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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