Western Magnesium Corp V.WMG.H

Alternate Symbol(s): MLYF

Metals & Mining Industrial Metals & Minerals

Western Magnesium Corporation is a producer of green primary magnesium metal. The Company is focused on plant operations and magnesium production. It uses a continuous silicothermic process to produce magnesium with low labor and energy costs while generating minimal waste and toxic by-products. The Company's technology eliminates inefficiencies and allows for a continuous, mass production of magnesium. Its magnesium is used for technological advancement opportunities for American industries including auto, airline, aerospace, and protecting national security interests with the department of defense.

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Western Magnesium Corp

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Post by cabzon Sep 09, 2021 7:51am

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Post# 33830042

Condolidation

https://marketpulses.net/2021/09/08/western-magnesium-corp-tsxv-wmg-otc-mlyf-consolidation-nearing-its-conclusion-and-readys-for-next-leg-of-advance/

Western Magnesium Corp. (TSXV: WMG) (OTC: MLYF) Consolidation Nearing Its Conclusion And Readies For Next Leg Of Advance

Date: September 8, 2021Author: MARKETPULSES

Western Magnesium Corp.’s (TSXV:WMG) (OTC:MLYF) goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, the company looks to use a continuous silicothermic process to produce 99.9% pure magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.

A third lighter than aluminum, 60% lighter than titanium and 75% lighter than steel, magnesium’s strength and castability has made it an obvious replacement for any component that needs to be lighter and stronger. As the lightest of all structural metals, magnesium metal has been used strategically in key components in the Automotive, Defense and Aerospace industries.

While Magnesium prices are rising due to tight supplies from China, the world’s largest producer of the rare-earth metal who presently controls nearly 80% of the magnesium market, Executive Chairman, Mr. Ed Lee, recently stated “This reactor unit is a significant step forward that will enable the Company to enter the marketplace with its proprietary continuous condenser, and will secure Western Magnesium’s future for decades to come.”

Industry research suggests that the global metal magnesium market which was valued at $3.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2020 to 2027.

TECHNICAL

After breaking-out to 52Wk and All-Time Highs in early August after a very constructive two-month base building process in June and July, MLYF has spent the past month consolidating the powerful run into northern territory, which witnessed the stock run from $0.20 to $0.76 in rapid fashion as we can observe from the Daily chart below.

When examining the action of MLYF in the Daily chart above, we can see that the stock is presently consolidating the explosive move from early August. In addition, we can also see that as the stock has consolidated, volume has dried-up.

Furthermore, MLYF currently trades just beneath its 20DMA (Yellow Line 0.53), which depicts some short-term indecision, yet trades comfortably above both its rising 50 and 200DMA’s respectively, portraying a very healthy technical posture.

While a bit more ( a few days) consolidation may be in the cards for MLYF, we believe that the recent consolidation period is rapidly nearing its conclusion and readies itself for its next major leg of advance.

Thus, both investors/traders may want to put MLYF front-and-center on their radars for further monitoring seeking clues/evidence that the stock has concluded its consolidation and embarks on its next adventure into higher ground.

MLYF WEEKLY CHART