Edgewater Exploration Ltd. (CVE:EDW) (PINK:EDWZF) share price corrected down on Friday following the previous day’s rally which was caused by news and promotions.
Edgewater stock price fell 8.7% on Friday as a result of profit taking and post-promotion selling wave. It wouldn’t be surprising if the price continued to roll down back to 50-45 cents a share where two strong resistances can make an impact.
EDW was up 14% on Thursday as a result of couple news mixed with two high value promotions. Wall Street Grand and Lebed.biz both sent out unique newsletters amid the trading session.
On Thursday, October 20, Edgewater announced that Mr. Francisco Ruiz was appointed as a senior environmental manager on the Corcoesto Gold Project.
On Wednesday the company also had announced drilling results for the ongoing exploration of Enchi Gold Project in Ghana. Several noteworthy gold intersections were found in three zones, with a top grade of 5.43 g/t over 8 meters. The stock price moved up upon this announcement and some of the buying pressure also leaked into Thursday’s session as well.
Later that day the stock had actually hit 60 cents, a price set by one of the newsletters, which shows that Wall Street Grand is actually a rather influential service and can successfully manipulate the market on weaker stocks. While this sounds impressive, it causes additional risk to less experienced traders who tend to follow the newsletters blindly.
Wall Street Grand got paid $40 thousand and Lebed received $20 thousand from undisclosed parties. The newsletters didn’t disclose any new information, only recapped on the news issued earlier by the company.
