Azteca Gold Corporation (CVE:AZG) (PINK:AZGFF) stock recorded a substantial increase in trading activity but holds no fundamental backbone to it.
AZG had a significant increase in trading volume on Tuesday – over 1 million shares changed hands during the session, marking the stock price’s bounce from a multi-year low of $0.005 per share.
While the increased activity looks promising for bulls, the stock has been on a downtrend for most of the time the company is in business and that isn’t likely to change. The current market cap of 5.4 million is questionable since the company’s net worth is negative $4.35 million.
The company had no news that could move the stock so it’s mostly a technical bounce and that means there is no real reason for to extend further up. From what is currently depicted, it might cause a stock price to enter a consolidation period at best. To make things even more complicated there is a resistance at $0.015, just where the price currently resides.
Azteca Gold is engaged in the acquisition and exploration of mineral properties with focus on gold and silver projects in the United States and Mexico. The company owns a total of 4 projects two of which are actively developed by Azteca.
