Ashburton Ventures Inc. (CVE:ABR) (PINK:ASHXF) stock has been dancing up and down recently as traders reacted to update on drilling activities.
ABR spiked up 15.8% on Wednesday but corrected 9% down today generating a heavy trading volume of 1.6 million which was three times above the average of 559 thousand.
The commotion was created by the company’s update on drilling program at Deep Creek on June 29, 2011. Located in Nevada the property underwent 1,765 meters of drilling with the main target set on the Upper Vein area. Six holes were also drilled to test Waterfall Vein Area and mineralization levels between the veins. The obtained cores were submitted for assays and final results should be available in few weeks’ time.
The press release helped ABR stock to stay above the psychologically critical price level of 10 cents, but today’s correction managed to push the price even further down. Currently the stock is stuck in a miniature trading range – the price didn’t manage to push above the 12 cents resistance upon news but didn’t fall below support at 9 cents either.
ABR has been downtrending since February 2011. Currently 7.5 cents is the ultimate support from late 2010, but falling this level it would mean nearly 21% loss from the current level of 9.5 cents per share.
