Gulfside Minerals Ltd. (CVE:GMG) (PINK:GMGLF) stock gained some ground on impressive volume on Friday but failed to breakout because of the lack of external stimuli.
Gulfside’s stock recorded the heaviest daily trading volume over the past year when the share price went up 14.3%. GMG also got listed among the most actively traded stocks on the exchange. Nearly 4.9 million shares changed hands during the session, which is hardly even comparable to the average turnover of 175 thousand.
Gulfside had no official news released since early February when the company signed an agreement to acquire Port Snettisham Magnetite Iron Ore Deposit, Alaska.
GMG stock price is still stuck between 6 and 9 cents per share. This means the possibility of further action is small. Furthermore the daily candle shows a long upper shadow, meaning the bulls already lost the battle for the higher pricing.
Without news, such a heavy volume was likely caused by short squeezes, which tend to occur at their strongest on Fridays.
The 200- and 50- day moving averages are coming closer to each other, however, the upcoming crossover likely wont be meaningful since the stock is in a very strict trading channel. Moreover, sustainable increases in volume suggest tension to build up between bears and bulls.
