Gediminas Jasionis
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Scorpio Gold Corporation (CVE:SGN) (PINK:SRCRF) Price Rally Pauses

by Gediminas Jasionis Nov 11, 2011
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sgn_chart.pngScorpio Gold Corporation (CVE:SGN) (PINK:SRCRF) stock price action was recently induced by news on new gold findings, but the price appreciation stopped yesterday.

Stock price rally appears to be losing strength judging from the share price performance as it gained no value during the last trading session. The company had some intriguing new discoveries which helped the bulls to take over for a while but now the effect starts to wear off and technical patterns are getting more valid.

SNG stock price broke out upon the announcement of new gold findings on November 8. The trading volume remained impressively bloated and the stock gapped up in a three-day run. Now, the price action is starting to show signs of exhaustion.

Significant profit taking could be seen during Thursday's trading session and that might continue to obscure the uptrend, or even create some serious selling pressure.

scorpio_gold_logo.pngThe company announced on November 8 they have intersected a near surface mineralization at Mineral Ridge Gold project in Nevada. The company owns 30% of this project through a joint venture company Mineral Ridge Gold LLC.

The significant intercepts included up to 2.86 g/t gold over 3 meters, but most holes returned grades below 1 g/t over comparatively short ranges as well.

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