Gediminas Jasionis
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Seafield Resources Ltd. (CVE:SFF) (PINK:SRLTF) Price Rally Holds the Thurst

by Gediminas Jasionis Jun 14, 2011
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sff_chart.pngSeafield Resources Ltd. (CVE:SFF) (PINK:SRLTF) share price bounced up once again - the fragile rally continues since last Friday.

SFF continued to climb up today after finishing the last week with what appeared to be an intraday breakout with some short squeezes pushing the price further up. The trading volume wasn't spectacular though - it didn't even reach the average value of 1.24 million, which lessens the chances for continuation.

seafield_logo.jpgThe company had no recent news, which also adds to the fragility of this rally. The price action appears as yet another setup for a slow and extended decline, but the current rally could still extend a bit further - intraday action shows strong buying by the end of the day, which is a good sign most of the time.

The last time the price had went up it had news to support the rally, but the stock still ended up on an extended slow decline.

The company closed a $3 million private placement on May 24, 2011, selling 10 million shares at 30 cents each. The proceeds will allow the company to carry on work at the Seafield's Quinchia projects in Colombia, but will only become available in September due to a four-month hold period under Canadian securities laws.

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