Silver Elephant Mining Corp (TSX:ELEF) (SILED) Stock Sees Bullish Action: Here is Why

Considering the sort of rally that was seen in the Silver Elephant Mining Corp (TSX:ELEF) (OTCMKTS:SILED) stock on Wednesday, it may be a good move for investors to consider tracking it this morning. The company came into sharp focus yesterday after it announced that it had started its exploration drilling programme for the Paca deposit.

Trading Data

On Wednesday, SILED stock went up 6.21% to $2.27 with more than 13.85k shares, compared to its average volume of 17.9K shares. The stock has moved within a range of $1.9000 – 2.4900 after opening trade at $1.90.

Silver Elephant Drills Paca Silver Project in Bolivia, Assays Expected in Early February

The Paca deposit is a constituent of the Pulacayo project located in Bolivia that is owned in its entirety by Silver Elephant Mining. It goes without saying that the announcement was a significant one and it led to considerable excitement among investors as well.

The Silver Elephant Mining stock experienced a lot of action as investors piled on to it in a big way and ended up with gains of as much as 24% as a consequence. It should be noted that the drilling program that the company undertook is a follow up of the 2020 drilling program that had already been successful. At this point in time, it is going to be interesting to see if the Silver Elephant Mining stock can manage to hold on to its new found momentum and continue to add to its gains today.

Key Quote

John Lee, founder and CEO states: “With the completion of the plan of arrangement to spin out the Company’s non-silver assets, Silver Elephant is directing focus and budget to its silver projects in Bolivia. Going forward, Silver Elephant is all about silver and we expect to see consistent progress and news updates throughout 2022.”

Technical Data

SILED stock is above the 50-Day and 200-Day Moving averages of $2.16 and $2.23 respectively. However, the stock is trading below the 20-Day moving average of $2.31.