Gediminas Jasionis
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Duran Ventures Inc. (CVE:DRV) (PINK:DUVNF) Uptrend Starts to Waver at the Top

by Gediminas Jasionis Jan 11, 2012
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drv_chart.pngDuran Ventures Inc. (CVE:DRV) (PINK:DUVNF) stock price struggled to keep going up during the past two sessions despite the sturdy buildup and the positive news.

It looks like passing above the 200-day moving average will be hard for DRV - the stock pulled back 4% on Tuesday. DRV stock price had a nearly 1.5 million trading volume on Monday when challenging the new highs, but only managed to poke above the 24 cents per share for a short time and plummeted back down on Tuesday. Currently, the doji candle shows indecision and it could be noticed that most players are currently watching from the sidelines - the volume was only half an average over the last session.

If the price would actually correct down, it would be a fitting end to an extended share price uptrend which went on without corrections for 6 days and traders even got an additional catalyst on Monday.

duran_logo.jpgThe company announced on January 9 their Aguila drill core samples have finally been analyzed and returned very promising results. Duran reported 93% copper and 91% molybdenum recoveries from metallurgical test work.

These promising results were responsible for the additional trading volume the stock enjoyed on Monday, but after the technical price failure it might be a good idea to take profits on the rally. The sudden collapse is unlikely in this case, though, since the company does have economically important news.

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