Duel to the death at $1.15 Duel to the death in process at $1.15
This stock wants to climb higher. Some of you may not have noticed but a "duel" is in process at $1.15. Canaccord (house 33) has an iceberg order at $1.15 and by the middle of today's trading day has sold over 150,000 shares of CFO in various markets. Of more than 3 dozen trades sold today to multiple buyers, Canaccord has sold nearly 100% of the stock. This iceberg order has been in place since early last week. With almost all stock trading at the offer and almost none at the bid, the stock is signally it wants to go higher once Canaccord is finished selling. This could happen at any moment. This is another way of saying that it's an excellent opportunity to buy before Canaccord is finished, and once they finish they are gone. The stock then won't have an artificial impediment holding it back.
Anatomy of a silly sell order
Canaccord usually shows as little as 1,500 to 3,000 shares for sale, and sometimes less. To some extent this hinders selling because some buyers want to see more visible size before buying. Also, the fact that 99% of stock sales are at the offer and not at the bid means that Canaccord could easily move up their offer(s) to $1.20 or $1.25 and they would then sell at a higher price. Not to mention that with the weak summer season over with and the climate improving for the gold price, the TSX-V, and Clifton Star, it's a poor time to be selling out.
Anyway, this situation will pass shortly and the stock will be free to move up. It is signaling that it wants to.
TC