Duran Ventures Inc. (CVE:DRV) (PINK:DUVNF) stock price struggled to keep going up during the past two sessions despite the sturdy buildup and the positive news.
It looks like passing above the 200-day moving average will be hard for DRV – the stock pulled back 4% on Tuesday. DRV stock price had a nearly 1.5 million trading volume on Monday when challenging the new highs, but only managed to poke above the 24 cents per share for a short time and plummeted back down on Tuesday. Currently, the doji candle shows indecision and it could be noticed that most players are currently watching from the sidelines – the volume was only half an average over the last session.
If the price would actually correct down, it would be a fitting end to an extended share price uptrend which went on without corrections for 6 days and traders even got an additional catalyst on Monday.
The company announced on January 9 their Aguila drill core samples have finally been analyzed and returned very promising results. Duran reported 93% copper and 91% molybdenum recoveries from metallurgical test work.
These promising results were responsible for the additional trading volume the stock enjoyed on Monday, but after the technical price failure it might be a good idea to take profits on the rally. The sudden collapse is unlikely in this case, though, since the company does have economically important news.
