Gediminas Jasionis
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Amador Gold Corp. (CVE:AGX) (PINK:ADRGF) Tries To Oppose The Downtrend

by Gediminas Jasionis Dec 31, 2011
agx_chart.pngAmador Gold Corp. (CVE:AGX) (PINK:ADRGF) stock price jumped 33.3% on Thursday but lost a third of that gain during the last session of 2011. The trading volume was miniscule on Friday and was overshadowed by the previous day's turnover of 1 million shares.

The move down had little strength and favored the bulls as the whole technical situation of Amador stock price. MACD has been diverging with the share price lately and the downtrend is obviously facing strong support at 3 cents per share.

The major moving averages still don't show any upcoming changes though as the downtrend was ridiculously strong and it has taken out seemingly sturdy support zones in the recent past. AGX share price has been stalling it movement for two weeks now.

The support zones should get stronger as the price drops lower as it already dwells at the bottom of its three years range and further degradation in value should slow down.

amador_logo.jpgThe company struggles with cash and had virtually none at the end of the second quarter 2011. However, their debts were also comparatively small and the book value, coming mostly from fixed assets, stood at $13.5 million.

Their market cap was at $1.08 million at the beginning of Friday's session. On December 7 the company has pursuit a $750 thousand private funding, which would help to pay the bills, but didn't have amore meaningful announcement for quite some time.

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