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BMR Morning Alert! - BullMarketRun.com

January 11, 2019

BMR Morning Alert!

7:30 am Eastern

Greetings from Kirkland Lake, home of Kirkland Lake Gold’s (KL, TSX) Macassa South Mine Complex, where BMR attended last night’s meeting of the Northern Prospectors’ Association.

Below is Gino Chitaroni (center), the “King of Cobalt” and President of the NPA, flanked by legendary geologists and fellow NPA directors Gary Grabowski (left) and Fred Sharpley (right).

Grabowski, a member of the Advisory Board for iMetal Resources (IMR, TSX-V) which will be carrying out first-ever drilling at its promising Gowganda West Property during the 2nd half of January, held the post of district geologist for the Ontario government’s Ministry of Northern Development and Mines for more than 30 years.

As of 7:30 am EST, Gold is up $6 an ounce at $1,292 as the greenback remains under pressure.  Silver has climbed 13 cents to $15.67 while Nickel leads base metals with a jump of 8 cents a pound to $5.15, its highest price in several weeks.  Nickel appears to have bottomed and that’s great news!

Editor’s Note:  

No 7 @ 7:00 this morning as Jon is headed to Gowganda to provide subscribers with an update this weekend on developments there, featuring of course Canada Cobalt (CCW, TSX-V) and IMR.  We expect a very active 2nd half of the month for both companies on the ground and in terms of news flow.

Daniel will have a fresh Daniel’s Den later this morning.

Cannabix Technologies Inc. (BLO, CSE)

Fascinating chart from John on Cannabix Technologies (BLO, CSE).

BLO advanced for the 7th straight session yesterday and touched key resistance at $1.99 where its rising 300-day moving average (SMA) intersects with a downtrend line from the beginning of 2018 on John’s 2-year weekly chart.   Just above that is Fib. resistance at $2.08.

There’s a strong possibility of an immediate/near-term minor pullback to unwind temporarily overbought conditions on the daily chart, but BLO is nonetheless gearing up for a major breakout above the 12-month downtrend line (a period of consolidation) at some point during Q1.

Canadian Marijuana Index

The Canadian Marijuana Index is enjoying its biggest move since August of last year, pushing 40% off its December low.

Canopy Growth Corp. (WEED, TSX)

We told Pro subscribers last weekend in our Sunday Sizzler that “now appears to be another ideal time to go long on WEED with the stock hovering around its rising 300-day SMA at $38 while Fib. support at $33 coincides with the bottom of a broad upsloping channel.  Slow Stochastics is in oversold territory similar to the spring of 2017.  Watch for a near-term move above the still-declining 50-day SMA, currently $43.”

WEED is clearly in the grips of a fresh uptrend after touching the bottom of its upsloping channel on this 2-year weekly chart.  Next key Fib. resistance is $62.54.  WEED closed up more than $5 a share for the 2nd day in a row yesterday, finishing at $49.82.

Note:  Jon, John and Daniel hold share positions in CCW and IMR.  Jon and Daniel hold share positions in KL while Jon also holds a share position in BLO.

1 Comment

  1. Great update thank you!

    Comment by Goose99 — January 12, 2019 @ 5:44 pm

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