We had a sizeable profit in uranium stock Skyharbor Resources 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 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 stabilising 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, SYH.V, SYHBF on OTC, closed at C$0.47, $0.343 on 5th January 24.
Posted at 12.15 pm EST on 7th January 24.