Argus Metals Corp. (CVE:AML) (PINK:ARGXF) gained another 16.7% on Monday, adding to the 28.6% advance recorded on Friday.
The extension of the share price was accompanied by a heavy trading volume which topped 2.16 million and was way above the average of 281 thousand.
With Friday’s spike up, AML broke above a resistance at 7 cents per share and deviated from its 50-day moving average. Still, the difference between the two major averages was significant enough to trap the price in between. Monday’s bullish momentum seemed to stop just before reaching the 200-MA which currently resides at 12 cents per share. A shooting star like candle for the session also suggested the bears are slowly taking over.
The problem with this rally is that there was no direct news from the company and it seemingly appeared out of the blue. Argus didn’t have news announcements since January 4 when the company described a new gold discovery at the Quartz Lake Structural trend on the Hyland Gold Project.
There was no extraordinary reaction on the market at the time of the announcement, but the price was slowly climbing ever since and exploded after confronting resistance.
