Gediminas Jasionis
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Northern Superior Resources Inc. (CVE:SUP) (PINK:NSUPF) Stock Turns A New Page Of Losses

by Gediminas Jasionis May 31, 2011
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sup_chart.pngNorthern Superior Resources Inc. (CVE:SUP) (PINK:NSUPF) stock price continues to roll down after recently breaking through one of the stronger support levels.

SUP stock price lost another 4.7% today, following the momentum from Monday when it tanked 15.8%. The accompanying heavy volume of 1.4 million on Monday was nearly three times higher than the 90 day average, showing the conviction of sellers.

Share price took a dive after breaking down through support at 35 cents. There is no trustworthy support below until 19 cents, thus traders are currently left only with psychological ones at round numbers, like 30 and 25 cents. The bearish crossover of 50 and 200 day moving average is another bad sign for bull that are waiting to see the price bottom out.

northern_superior_logo.jpgThe latest news didn't help the share price to recover as it only plotted out the exploration goals achieved and plans for the year to come.

On April 27 the company stated they have completed an airborne geophysical survey on Meston Lake Gold property in Ontario. Other exploration activities on the area include:

  • A completed a staking program, following which SUP will expand the property from 4 to 74 claims;
  • A magnetic survey done over the last quarter;
  • Sampling and mapping programs scheduled to be carried out in 2011.
  • Diamond drill program to be started in the first quarter of 2012.

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