ALIX RESOURCES CORP. (CVE:AIX) (PINK:ARGXF) stayed within its downtrend on Monday despite giving a slight glimpse of hope to bulls this last Friday when it added 18.7%.
During the last session, the trading volume diminished when the stock fell 5.3% with only a little struggle. 496 thousand shares changed hands on Monday, which was slightly less than twice the average of 278 thousand, but nothing substantial when compared to Friday’s 2.3 million.
Still, a higher than average trading activity showed that traders were hoping for a follow up and this sustained involvement could help to form a temporary consolidation around 8 cents per share, where AIX price last bounced on its way down.
The stock price rally could be associated with anticipation of drilling results at the Golden Zone property. The company announced on January 5 that data from their work is being analyzed by geologists and will have an impact on drilling plans for 2012.
The company also published their quarterly results on January 3. Alix managed to triple the worth of their properties over the past nine months, but remains low on cash and their administrative expenses shot up tremendously. As always, the loss from operations was offsets by selling more shares.
The stock price didn’t move much upon these two announcements, thus any further ripples in price could be only a coincidence.
