Mira Resources Corp (CVE:MRP) (PINK:MIRXF) stock price approached an upper limit of its trading channel and might soon bounce down.
MRP added another 5.4% on Wednesday, adding to the preceding rally. The stock also picked up trading volume. 2.2 million shares changed hands during the session, which was more than 2 times heavier than the average of 949 thousand.
Apparently, Mira’s stock price currently sticks to following the technical guidelines as there was no important news lately. This is good news since MRP price channel is defined clearly.
The strong trading volume complimenting the latest bullish price action could push the price to spike above the closest resistance, but the profit taking that’s been seen towards the end of the last session suggests this spike was not as bullish as it might appear.
MRP has been going up for the week since it bounced 25 cents per share. The bulls should already be getting cautious as the price approaches a psychologically important 30 cents per share and could bounce back down. Some minor support can be found at 29 cents per share and it could serve as an early indicator on the traders sentiment for the coming trading session depending on whether it will get challenged.
