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6 Precious Metals Stocks Set to Explode

Alexco Resource

Alexco Resource (AXU) engages in the exploration and development of mineral properties in Canada, primarily in Yukon Territory, and provides consulting and project management services in respect of environmental permitting and compliance, and site remediation and reclamation in Canada and the U.S. Alexco has a current market cap of $582.46 million and the stock is up about 20% so far in 2011.

If you take a look at the chart for Alexco Resources, you'll see that this stock has now started to break out above some recent overhead resistance at around $9.72 a share. This is another big breakout in the precious metals complex because it means AXU is now trading at brand new all-time highs.

Once again, the move is coming on monster volume. During the last two trading sessions (both up days), volume has registered 1.4 million shares vs. the three-month average volume of 657,000 shares.

That's exactly the kind of volume you want to see when stock starts to print new highs. With that in mind, I think this stock has huge institutional support and its heading significantly higher.

The trade here is to buy it on any weakness and only sell it trades back below $9.72 to $9.41 a share. That will give you a good risk/reward outlook, and if AXU wants to keep uptrending, you'll have exposure to capture the gains.

To see more precious metals stocks that look ready to take off, including Claude Resources (CGR), Jaguar Mining (JAG) and Gold Resource (GORO), check out the Precious Metals Stocks Set To Explode portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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Stock quotes in this article: MGH, NSU, SLW, NG, EXK, AXU 
At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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