Heavy accumulation and now low volumeIt's obvious that Fidelity has been a big buyer for some time and they appear to have soaked up most of the loose paper.
This is a perfect set up to have the stock move significantly higher on good news from the drill results.
The obvious concern is that lack of participation by other buyers means that 'liquidity' will be hard to come by if the news is not 'good'.
From a risk/reward standpoint things do look pretty good to me though. Assuming a new buyer steps in at 16 cents today I think they have the possibility to see somewhere between 30 and 50 cents on good news which is a double or triple on their money. On the downside it probably trades down to 9 or 10 cents before finding support which means a 35-45% haircut. Those are pretty good odds.
GLTA