I have scoured the mining stock universe and found 3 charts which are close to triggering actionable trade setups:
Sabina Gold & Silver (SBB.TO Daily)
SBB continues to test the C$1.95-C$2.00 resistance level while displaying signs of steady accumulation and strengthening relative strength (RSI at top). I am particularly fond of potential breakout setups in which the Daily-RSI(14) is near 60 as is the case currently with SBB. A breakout above the C$2.00 level would target at least C$2.50 in my estimation (the next leg higher should be at least as large as the May upside move). C$1.75-C$1.80 now becomes important downside support.
Excelsior Mining (MIN.TO Weekly)
After a huge upside move from October 2016 through January of this year MIN has spent the last several months consolidating on relatively light volume. C$.90 has proven to be resistance with a breakout above this level (on the weekly time frame) potentially targeting a move up to at least C$1.50. Meanwhile the C$.80 level has become minor support with C$.70 offering a robust level of support.
Guyana Goldfields (GUY.TO Daily)
While the first two charts were uptrends the third chart, GUY, is in a downtrend as evidenced by downward sloping 50 and 200 day moving averages. However, GUY is forming an intriguing potential head & shoulders bottom pattern. A breakout above the C$6.25 level would target a move higher up to at least C$7.00. Short term traders could place a stop loss just below C$6.00 once a breakout above the neckline (C$6.25) triggers an entry.
Disclosure: Author is long $MIN and $SBB at time of writing and may exit either stock at any time without notice.
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