RCKS talk

Thursday, October 05, 2017 Derek Macpherson

RCKS Charts: EXN, FM, GRR, WDO, PGE, MMX & RPX


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In this edition of RCKS Charts, Keith has evaluated Excellon Resources Inc. (TSX:EXN), First Quantum Minerals Ltd. (TSX:FM), Golden Reign Resources Ltd. (TSXV:GRR), Wesdome Gold Mines Ltd. (TSX:WDO), Group Ten Metals Inc. (TSXV:PGE), Maverix Metals Inc. (TSXV:MMX) and Red Pine Exploration Inc. (TSXV:RPX).


Excellon Resources Inc. (TSX:EXN) is “stairstepping” its way back up after a 5 year decline from its all-time high of $6.95 on the very last trading day of 2010. In an earlier report (9-20-2017) we suggested pullback support could retrace back to $1.60. Instead, it held the ‘gap’ at $1.75 and appears to be resuming its uptrend. Momentum has reversed to the upside and On Balance Volume is showing re-accumulation. Crossing $2.30-2.40 will confirm the uptrend and open the next target at $3.50. (Figure 1)


First Quantum Minerals Ltd. (TSX:FM) is also suggesting its uptrend is resuming. Momentum is again rising as is On Balance Volume and its 50dma has crossed up through its 200dma, a bullish development. There is resistance at $17.50-19.50 which if exceeded opens the mid/upper twenties as a potential target zone. (Figure 2)


Golden Reign Resources Ltd. (TSXV:GRR) rallied from its base in the $.05-.10 area to $.31 between January and September 2016 before an approximate 50% correction back to $.20 set in. GRR has recently reversed the triangular corrective pattern opening targets at $.38-.42 and $.48. Moving averages, momentum and Accumulation/Distribution are all in support. (Figure 3)


Four names to keep an eye on:

Wesdome Gold Mines Ltd. (TSX:WDO) is testing important support with flat On Balance Volume but momentum bottoming in oversold territory which is encouraging. However, $.30 to $4.50 is a huge trading range going back several years. A breakdown could lead to a complete retracement. (Figure 4)


Group Ten Metals Inc. (TSXV:PGE) is showing life from lower boundary of its base with momentum, volume and Accumulation. (Figure 5)


Maverix Metals Inc. (TSXV:MMX) is climbing just above its rising 40wma with steady rising Accumulation trend. Nearing a breakout to a new recovery high. (Figure 6)


Red Pine Exploration Inc. (TSXV:RPX) is also nearing a break to a new recovery high as it climbs away from its double bottom. Momentum, volume, On Balance Volume and moving averages all improving. (Figure 7)

Keith Edwards, Chartman Market Analysis
Technical Market Analyst
 
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Company Specific Disclosure Details
Excellon Resources Inc. - TSX:EXN - 2,4
First Quantum Minerals Ltd. - TSX:FM - None
Golden Reign Resources Ltd. - TSXV:GRR - 4
Wesdome Gold Mines Ltd. - TSX:WDO - None
Group Ten Metals Inc. - TSXV:PGE - None
Maverix Metals Inc. - TSXV:MMX - 2,4
Red Pine Exploration Inc. - TSXV:RPX - 1,2,3,4

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