Gediminas Jasionis
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Redzone Resources Ltd. (TSE:REZ) Goes Flat at the Top of Trading Channel

by Gediminas Jasionis Feb 25, 2011
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rez_chart.pngRedzone Resources Ltd. (TSE:REZ) stock price approached the higher end of the trading channel that's been in play since their stock graduated to the Toronto Stock Exchange in June 2010.

Apparently the stock doesn't have the necessary thrust to burst out of the established range - share price rally is choppy, meaning the buyers are scarce, and a lot of sell orders should be expected to sit at the top of the range.

The upper part of the range is near the all-time price high for the stock, thus making it nearly impossible to break without serious game changing developments. REZ price went flat after securing nearly 12% gain on Wednesday. The scarce trading is a hallmark of this stock, thus it's not surprising.

Above average trading volumes were exhibited over the last couple trading sessions in reaction to the company's update on drilling results.

redzone_logo.jpgRedzone's update on drilling results on the Lara copper-molybdenum property disclosed significant molybdenum and copper mineralization levels in three holes. Next, the company will be testing the scale of mineralization east of hole 35, which is closer to the Socos prospect. The company will also expand their testing south and south-east from the holes 36 and 38.

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