Critical Elements Corporation (CVE:CRE) (PINK:FGEXF) stock showed some strength on the market last Friday as bulls pushed the price up at least for the day.
CRE stock price added 11% on Friday along with many other stocks that saw the common short squeezes. The move up however interrupted the downtrend and as it has shaken off some short sellers.
The company had no news at the time of the increase in trading activity thus it is unlikely to cause a downtrend reversal. It should not be regarded as a signal of upcoming changes in momentum, but rather a simple retracement on a volatile stock.
The stock’s been on a comparatively sharp downtrend since the company changed the name and trading symbol in late February this year. The only reason this spike-up stands out from the rest is the accompanying trading volume. The turnover reached 3.4 million on Friday and was more than 6 times higher than the 90 day average of 546 thousand.
Last week Critical Elements announced final assay results from the phase 1 drilling on Croinor Gold Project in Quebec, which might have brought in some bulls who speculate on the positive news.
The results weren’t that good though. 7.1 thousand meters were drilled in 23 holes. Intersected grades range from 0.22 g/t to 44.4 g/t, most of them over lengths less than 1 meter.
