Two TSX-listed materials Stocks Showing An Upward Trend

The benchmark S&P/TSX Composite Index (TSX: ^TSX) started last week on a positive note and maintained a bullish momentum for the entire week. The S&P/TSX composite index advanced by 156.44 points (0.70%) to 22465.37 for the week ending May 17, 2024. 

Hut 8 Mining Corp. (TSX: HUT) is North America's innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. It has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin's market direction.  

In the first quarter, the company launched a comprehensive restructuring program designed to center the business on operating excellence and bottom-line economics. The group also made significant progress in positioning the business for near-term growth. In the Managed Services segment, it signed a four-year agreement with Ionic Digital and began managing the construction and operations of its West Texas facilities.  

Price Action Analysis (on the Daily Chart) 

On the daily chart, HUT stock prices are sustaining above the falling trendline breakout level and continuously taking support from the trendline. The recent upside movement in the stock is backed by increasing volumes, further supporting a positive bias. The next resistance level is plotted around CAD 14.20, and the stock may test that level in the short term (2-4 weeks). 

Technical View: (on the Daily Chart) 

On the daily chart, the momentum oscillator RSI (14-Period) is showing a reading of ~57.96 levels, indicating positive momentum. Moreover, the weekly volumes also seem supportive of the upside movement. Further, the stock is trading above the 21-period SMA, which may act as a support level. 

Vizsla Silver Corp. (TSXV: VZLA) is a junior mineral exploration and development company focused on advancing its Panuco silver-gold project located in Sinaloa, Mexico. The property contains quartz-carbonate veins with workings defining both steeply plunging and sub-horizontal ore shoots. Mineralization occurs as silver sulphides including argentite and acanthite, native gold, electrum and native silver associated with pyrite, minor galena, sphalerite and rare chalcopyrite. 

The company’s ongoing exploration campaign continues to expand and convert near-surface mineralization at La Luisa which is one of the newest discoveries Vizsla Silver has made in the Panuco district, and currently hosts 4 million ounces of indicated and 25 million ounces of inferred silver equivalent resources. 

Price Action Analysis (on the Weekly Chart) 

On the weekly chart, VZLA stock prices are trading above the falling trendline resistance level and continuously taking support from the trendline. The recent upside movement in the stock is backed by increasing volumes, further supporting a positive bias. The next resistance level is placed around CAD 2.57, and the stock may test that level in the short term (2-4 weeks). 

Technical Indicators Analysis (On the Weekly Chart) 

On the weekly chart, the momentum oscillator RSI (14-Period) is showing a reading of ~67.49 levels, indicating positive momentum. Moreover, the weekly volumes also seem supportive of the upside movement. Further, the stock is trading above the 21-period SMA, which may act as a support level.