Surprisingly or not, Focus Gold Corp. (OTC:FGLD) is falling today. Within the first 60 minutes of trade, FGLD stock has already lost 14% in value as compared to its yesterday close.
Yesterday, FGLD edged up 11.46% closing at $0.2675, its highest close since early-October. Traders found themselves into a real frenzy shifting more than 1 million shares, FGLD’s fourth largest turnover for the last six months.
As a result, FGLD continued to build momentum as indicated by the MACD on the chart. What is more, the RSI came in at 80.41, way beyond the 70 level, thus designating FGLD shares as largely overbought. In the light thereof, FGLD’s current fall can hardly be considered a surprise.
Focus Gold Corp. specializes in exploring gold mining properties worldwide. The company’s current portfolio consists of various projects in Mexico, Canada and the Republic of Ireland.
As of Nov. 31, FGLD’s balance sheet contained:
- cash reserves of $2K;
- working capital gap of $1.95M;
- net quarterly loss of $1.34M.
