Breakout Charts: Cypress Development Corp.
It’s been a while since we mentioned Nevada lithium explorer Cypress Development Corp. (TSX-V:CYP). Nonetheless, Cypress shares have continued to oscillate within a range not too far from 52-week highs:
CYP.V (Daily – 2 Year)
A breakout from the 4-month symmetrical triangle would project a move at least up to the mid $.50s and I especially like the fact that the daily-RSI(14) is poised in breakout territory near 60. I particularly like to see stocks steadily move higher without news or much fanfare – this is exactly what CYP has done during the last few weeks.
Cypress is in the process of conducting metallurgical testing and preparing its maiden PEA for its Dean and Glory lithium projects in Nevada. Meanwhile, Cypress CEO Bill Willoughby has been an active buyer of CYP shares in the open market, accumulating an additional 55,000 shares since late-May:
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