Interesting trends last 2 months On March 7 (last news release), the share price was .325 CAD.
Some interesting facts below (based on solely on the TSX.V... not the dark pool where a lot of additional nonsense occurs).
From March 8 to April 30 (37 trading days).
i) average share price was .373 CAD or 14.8% higher relative to the March 7 close.
ii) 1.036 million shares traded.
iii) only 5 days where share price closed less than 10% higher than the March 7 close.
From May 1 to May 7 (5 trading days)
i) average share price was .347 or 6.8% higher relative to the March 7 close.
ii) 364k shares traded.
iii) only 1 day where share price closed higher than 10% relative to March 7 close.
In short, CGX literally climbed quickly following March 7 and established a flat-line share price between .37 and .39 for almost 2 months straight. On May 1, this trend broke downwards and now is a stone throw away from re-touching the March 7 close of .325.
This trading is such a joke I guess is my point. The traders on the inside are not even hiding their manipulation. They just wash trade, short, and ultimately manipulate to their own benefit and make good money in the process of doing so.
There is absolutely nothing in the past 2 month chart that suggested CGX should have broken downwards since May 1. In fact, looking at the chart, CGX actually kept climbing and creating "higher lows" on an ascending triangle. If anything, CGX should be looking at breaking above this .37-.38 choke hold on good news. Instead the traders flushed the stock down beginning May 1.
I don't know at this point. Hopefully we get something meaningful in the news release tonight, otherwise this upcoming summer months could be very tough to follow (2Q news release typically is not until early August... 3 months from now).