Technical analyst Clive Maund reviews Interra Copper Corp.’s 4-year, 2-year, and 6-month charts to tell you why he believes it is a Buy.
Interra Copper Corp. (IMCX:CSE; IMIMF:OTCQB; 3MX:FRA) is another small speculative copper stock that looks poised to advance soon. It was mentioned in an article on Libero Copper posted on the site on Friday and had a good day Friday.
The 4-year chart shows the entire history of the stock and how, after a spike, it went into a severe bear market from April 2020 that took it down to a very low level where a base pattern built out last year.
The 2-year chart opens out last year’s base pattern and enables us to see more clearly what has been going on. On this chart, we can see that a fine Double Bottom formed beneath the resistance level shown, with the price advancing out of the second low of the Double Bottom late in the year in readiness for a breakout from the entire base pattern which, from the look of it, looks set to occur soon.
There was a flurry of heavy buying about a week ago that drove up the Accumulation line, which is a positive sign, and its moving averages are now in bullish alignment which makes a breakout soon more likely.
On the shorter-term 6-month chart we can see that the stock has been draining off overhanging supply from last October/November.
So that now, with the rising 50-day moving average coming into play just beneath, it is well-placed to break higher soon, a development made more likely by the bullish look of other copper stocks and of copper itself, whose correction within an ongoing uptrend looks done.
Interra Copper is therefore rated an immediate speculative Buy here.
Interra trades in light but acceptable volumes on the US OTC market where limit orders should always be employed — volume on this market can be expected to expand significantly if it breaks higher as expected.
Interra Copper’s website.
Interra Copper Corp. closed at CA$0.82, $0.657 on February 10, 2023.
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The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
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Chart provided by the author.