Thursday, March 24, 2011

Minefinders Corp. Ltd.

Minefinders Corp. (MFN) Weekly Chart
  • Minefinders Corp. Ltd. (MFN) is a great mining company to take advantage of the rise in precious metals prices during the last decade. The company engages in the exploration, development, and mining of precious and base metal properties in Mexico and the United States. It principally owns a 100% interest in the Dolores Mine, an open pit, heap leach gold and silver mine located in the Sierra Madre Occidental Range in the State of Chihuahua, northern Mexico.
  • The technicals on MFN are absolutely perfect. The stock is currently breaking out of a text book consolidation pattern to new 52-week highs. Accumulation is strong as evidenced by the breakout occurring on explosive volume. All of the indicators are in buy territory and there is no solid resistance anywhere overhead. The sky is the limit for MFN.
  • The fundamentals for Minefinders are also solid. Quarterly earnings from a year ago are up 157% and EPS estimates for current quarter have risen 1400% and current year are up 633%. Institutional investors are also taking notice of MFN. From last quarter the % change in funds owning the stock is 4%. Demand for the stock is there, the price should follow it up.
Good trading.

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