AAM_chart.pngAtacama Minerals Corp. (CVE:AAM) (PINK:ATAAF) stock price has been pushing up for a few days reacting to the recently published quarterly results.

AAM stock price gained 7.9% on Monday but struggles to retain the momentum. The move was pretty significant though as it was accompanied by a trading volume of 1.12 million, which was far above the average 173 thousand.

Technically AAM bounced support somewhere at $1.05 and $1.10 per share on what seems to be an ordinary swing up. It still has a significant resistance at $1.34 per share which could lead to the share price establishing a trading channel or breaking out to a new 52-week high.

atacama_logo.jpgThe company had no official news since filing third quarter financial results on November 24. The stock price has been rising since, but it concurrently incurred large intraday volatility during every session.

The quarterly results weren’t much to look at in general, thus it is unlikely the price would strike new highs with just the current information available:

  • 5% decrease in year over year quarterly revenues;
  • Elevenfold increase in net loss to $1.96 million;
  • Only minor stock dilution;
  • Working capital dropped by 37% to $18.6 million but most of the money went in long term assets;
  • Had a negative cash flow of $6.3 million compared to $4.3 million last year.