Gediminas Jasionis
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Happy Creek Minerals Ltd. (CVE:HPY) (PINK:HPYCF) Tanks Heavily

by Gediminas Jasionis Apr 10, 2012
3hpy_chart.pngHappy Creek Minerals Ltd. (CVE:HPY) (PINK:HPYCF) stock price rolled down under the weight of a technical pattern and the increased volatility is attracting traders.

HPY had tanked 18.7% amid the trading session despite the fact there was no news that could have been the cause. The price move pulled in a massive interest from traders generating 1.11 million in trading volume over just half the session. This was 12.5 times heavier than the daily average of 88.6 thousand.

The stock price most likely broke down because of a technical situation. There were some signs of an impending negative price changes since the 50 day MA turned down and the price was testing resistance at 16 cents per share.

The good news is that such a heavy price drop will likely require correction making both sides happy for a little while. 16 cents will now work as a ceiling if bulls were to push it back up.

9happy_creek_logo.jpgThe last news came out on April 2 when the company announced to have reached a settlement with a BX property vendor.

Happy Creek will receive $35 thousand in compensation, as well as return of 50 thousand shares and a 100% interest in two mineral properties in British Columbia. The company had gotten stuck after claims comprising the BX property have been forfeited to the British Columbia Provincial Government and the vendor could no longer sell the property. The newly gained properties will have to be evaluated for potential, although one is a post production mine with some historical data available.

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