Gediminas Jasionis
0 Vote 0

Woulfe Mining Corp. (CVE:WOF) (PINK:WFEMF) Breaks Out Of Consolidation

by Gediminas Jasionis Jan 30, 2012
1 Comments
wof_chart.pngWoulfe Mining Corp. (CVE:WOF) (PINK:WFEMF) traders might have witnessed some short squeezes in action on Friday when the share price rallied nearly 15.8% under a huge trading volume.

There was no direct news from the company that could have caused such a ruckus. The stock price poked above the resistance at 20 cents per share amid the trading session and quickly rallied up over a comparatively short time frame. The trading volume was mostly concentrated at the beginning of the move - the later ripples in trading activity failed to cause more significant price changes.

The latest official news from the company came out last Tuesday, January 24. Back then, the company announced results of a recently completed phase 2 drilling at Sangdong mine in South Korea. The update caused only a slight reaction on the market and resulted in an increase of the trading volume but no price change.

woulfe_logo.jpgThe rally that was recorded this Friday could be associated with the news, but it as likely to be just a random fluctuation.

Moreover, the price has already closed at  resistance created by the 200-day MA at 22 cents per share. Thus, even if that got traders' attention, a further rally is very questionable. WOF confirmed that the 200-day MA limits any price moves when it bounced to the average twice in November 2011.

Comments (1)

1. Guest
January 31, 2012, 09:06PM

Quotes North American Tungsten, very much a simimlar stock, rallied with significant volume almost exactly at the same date and time (midday friday). Perhaps not a random fluctuation after all?

Type the characters that you see in the box (5 characters).

This is a captcha-picture.