CHN - Chalice Mining

[bk1]

Waiting to trade again when it confirms the 50 day Moving Average.

 

[Sean K]

Volume is frustratingly low but this advance today is looking as promising as you could get for signalling a breakout of downtrend. Any intraday retreat needs to hold above 7.75 to keep the surge interesting imo, given my admittedly fairly arbitrary downtrend resistance line. Beautiful development so far. Is anyone here holding?

Daily
View attachment 138831

I've thought about buying some. On the short list. I thought there might have been a larger general market correction to add it, but it doesn't seem that is going to happen at the moment. Every excuse to, but held up relatively well. XAO still in the top half of the 10 year trend and staying above crucial 7200 support.

Would like to know what Hartog has and if it can be mined.

 

[finicky]

@bk1 you might not care to reply to this which would be ok but your chart seems to include an order at the top: buy 8.04 sell 8.02. If that is your actual order how does it work? Does it mean your position has been tossed around yesterday, i.e a conditional buy order was executed yesterday and now you are automatically out due to a drop below 8.02? I assume this approach could mean multiple buys/sells when the price is whip-sawing? Only use the 50dma as signal line? Query is just out of interest as I'm unlikely to change from a plain vanilla investor with an occasional manual take profit or reduce risk trade and never use stop losses. Does your approach signify that CHN is just for a trade and no investment interest?

 

[bk1]

I haven't put an order in, @finicky , that is merely the spread that you see top right of the screen using IG.
I use two EMA, two MA, RSI and Volume as per the screenshot.
Looking to position trade CHN more than anything else however, its difficult in a choppy market such as this.

 

[finicky]

@bk1 thanks for your response: 2 ema, 2 sma - looks complIcated
I feel the action in CHN is bullish today given the hit to commodities and their stocks.

 

[finicky]

The channel is undefeated.

 

[finicky]

Candlesticks are usually best imo but sometimes closing price charts suggest an alternative if you're getting desperate. In terms of closing price the Feb 22 low has so far held:

Feb 22 candle low : 6.60
March 15 candle low : 6.50

But end of day reverses the order:

 

[bk1]

It was an ugly candle on the 15th...

 

[Sean K]

Fundamentally this is going to be a good long term play, especially if they extend the resource into the park. It'll be a long journey though. In the mean time, it's still trying to find a floor. Could have been a potential bottom at $6.50 ish in Mar. Now needs to break up out of this channel like last Nov.

 

[Sean K]

I'm feeling pretty confident that the $6.50 mark is a bottom for the moment. It's still got a pretty whopping MC for an explorer/developer though - around the $2.5b mark. I'm trying to see the fundamental upside here, or catalyst for further significant gains. The current resource is open and Hartog looks like it will have something in it, and they'll likely get clearance to mine it. Trying to compare it to others and it's got 1.9Mt NiEq and something like CTM has 740K Ni with a $630K MC. Different beasts but the market is either factoring in more upside here or CTM is unders. Maybe a combo. Way off its highs after the resource was delivered.

 

[Sean K]

Still looking good.

But, I guess just about everything with something in the ground went ok over the past few days.

 

[Sean K]

Poking it's head through the downward channel, knocking on horizontal resistance. Interesting.

 

[finicky]

Smashed. Lower low today

 

[Miner]

Smashed. Lower low today

May be you talk of MIN so that it smashes and gives opportunity to buy.
Sorry for kidding but CHN stock performance is alarming but all gold stocks have gone down today.

If I see the technical reading from one site it says this:

for today it says

For 7 days projection

or 7 days

for 1 month projection

 

[Sean K]

Smashed. Lower low today

I've been waiting for an opportunity to pick this up. Might go lower in this environment, but maybe not too much.

 

[Miner]

I've been waiting for an opportunity to pick this up. Might go lower in this environment, but maybe not too much.

I think currently the gold and commodity stocks are having a bit bear phase to be roaring high. The million dollar question for how long and when the point of inflexion will happen

Regards

 

[peter2]

I had a go at buying CHN as it rallied but took the loss as price dropped soon after. CHN is now looking pretty disappointing as price is now below the price it was before the "exciting " news of the potential size of their resource. The gloss has been completely worn away.

 

[bk1]

 

[finicky]

Not much cheer here. Gapped down, lower low and is at the low of the prior bear cycle. Volume not high

 

[finicky]

Announced after market close - final approvals for their application to do low impact drilling in the state forest. Maybe this will rip now? (plaintively)