Great Break OutWhat we are witnessing in Aris is a beautiful breakout. Today the stock closed at another 52-week high on very high volume. Today's combined (Aris.TO, ARMN) volume was an outstanding 1.65 million shares. This is not mom and pop climbing into this miner. We won't see Q2 2024 institutional holdings for many months but I suspect many more are climbing in on the stock.
I'm not ready to officially call the 50% Fibonacci level officially slain as Aris closed just 5 cents higher at 4.38. The probability is we see upside follow through on Monday as the price and volume today are flashing strong buy signals across institutional platforms. The next big resistance will be at C$6.02.
Aris Long Term Chart Aris is significantly lead the Gold mining indexes. The Gold Bugs Index, HUI, is only up 8.2% YTD. Aris is up 23.1% YTD. My guess is the outstanding move by management to invest just $15 million to get 100,000 ounces per year production is slowly getting priced into the stock. My suspicion is earnings and conference call on May 15th have a positive impact on the market cap.