RE:Moving today Well right now there is one market maker (Citadel Securities) on the OTC showing 499,900 shares at the ask .0165. Its possible someone related to the earlier financing is unloading (converting warrants?) shares. This has been ongoing for 2 or 3 weeks. What ever it is, the seller/market makers are methodically working the price higher.
OS is about 80 million. Remove the 16 million shares owned by Sprott. Remove insider holdings of 5 million (purchased at .34 cents C) and the float works out to 59 million. Average daily volume continues to rise. After 5 more days the combined exchange volume was 4.9 million shares. Add in the previous 9 days and the total comes to just under 16 million shares. That equals 26% of the float.
Closing prices for Friday… .165 US$, .225C$.
The chart shows resistance at .20 - .22 US$, .275 - .30 C$ and support at .145 US$, .20C$
The 200 day moving average is at .19 US$, .25 C$
On the downside, support is at .18-.20 in C$ and .14-.15 in US$.
All the technical indicators are quite positive and a move up to resistance is looking very good.
The only negative is the price of gold. I say that because gold and the mining stocks have been trading up and down with the major stock market averages since the beginning of April. 24000 on the Industrial Average is a resistance level and so far it has been unable to break above it. The initial downside is 23000-22500. That could happen in one day. And like the DJIA, gold has not been able to break above US$1775. Of course all this discussion has to do with paper. Physical BU gold is closer to $1900 US$. With paper silver trading at $15US$, silver eagles are $24-$25 US$. We are getting closer and closer to the point where the physical market pricing becomes the standard. It could happen overnight! Dont be caught out of position.
GLTA