The restless share price rally of Silvercrest Mines Inc. (CVE:SVL) (PINK:STVZF) finally stopped on Thursday but the overall situation still favors bulls.
SVL slipped 5% lower on Thursday, ending the 5-day gains streak. Yesterday’s trading volume was significant, but also substantially lower than on previous days, which means that the price rally might still show some strength as selling pressure didn’t build up properly.
SVL was rallying since Monday, November 14, when the company announced to have identified a large near-surface bulk tonnage target at their La Joya property in Mexico. The discovery was made through compilation of data under Phase I drilling program.
The data included results from 26 newly drilled holes, as well as historical results from drilling in the area. All the drilling holes done under the program have yielded signs of polymetallic mineralization, including precious gold and silver.
Technically, the stock price has broken out with Wednesday’s massive price surge and now has support at $1.83 per share. Even if it falls from here on, the new fundamental information combined with technical alignment bodes well for bulls.
