Massive trading volume drew attention to Belvedere Resources Limited (CVE:BEL) (PINK:BLVDF) yesterday, but the follow-up price performance didn’t live up to expectations.
BEL spiked up 21% on Monday but gaped back down this morning opening with nearly 11% loss. Yesterday’s trading volume was the heaviest for the whole year and topped 3 million, which is impressive for a stock that holds an average turnover of 165 thousand. That was the sole reason this stock drew attention.
The price action remained volatile throughout Monday’s trading session and didn’t stand out much from the general price action if not the volume. Although technically it was a breakout, it couldn’t have been predicted from prior action and unraveled in a choppy manner.
The stock had seen larger scale price moves on much smaller volumes, thus the amount of shares traded might be the results of some market markers manipulation. BEL is clearly in consolidation at the moment and some interested parties might be looking to force a short term bounce up.
Belvedere had no news since June 16, when the company said initial metallurgical tests showed that recoveries of between 90-94% for gold and 90-97% for copper can be easily achieved on Kopsa project in Finland.
