West Timmins Mining WTM (TSX) – Buying Pressure Is Building

by Olivier on July 29, 2009

Recently WTM.TO – West Timmins Mining announced impressive drill results. Ever since good things happened. Buying pressure is increasing. The 60 min chart tells me once the 2$ level gets taken out we will probably see a quick move up to 2.50$ and I think ultimately a 3.00$ price target is where the stock is headed to. I pasted the link to Darin Wagner’s (CEO of WTM.TO) video interview on BNN below the WTM.TO chart on my public list. If you haven’t watched it yet I encourage you to do so. Video Interview with WTM.TO CEO.

These factors favour higher prices ahead:

  • Canada, Ontario is a safe mining jurisdiction
  • WTM.TO is operating in a very low cost mining district
  • WTM.TO could be bought out. GG – Goldcorp and Hochschild Mining come to mind. Possibly even KGC – Kinross Gold
  • Rob McEwen bought into VG.TO – VG Gold an area play through LEX.V Lexam Explorations. The area is clearly heating up
  • Their JV partner LSG.TO – Lake Shore Gold is well capitalized
  • This is not a one hole wonder. WTM.TO is part of an established and well known mining district

WTM.TO – West Timmins Mining is almost trading at an ATH (all time high). There is no better sign of strength one could ask for. The technical strength combined with the factors mentioned above make this a blue sky opportunity. One of those high potential stock situations I like to have exposure to. The 60 min chart could be interpreted as a cup with handle pattern. In any case there is no overhead resistance that’s why I added a few more shares to my WTM.TO position today.



Have a great evening!

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