Samex_-Chart-_28_Apr_2011.jpgThe stock of Samex Mining Corp. (CVE:SXG), (OTC:SMXMF) continues looking strong on the Canadian market (CVE). After the gigantic jump of 88.6% last Tuesday, the shares currently manage to keep the high trading range staying firmly above the $1 mark.

The enormous spike from ten days ago was triggered by a company announcement that presented “strongly encouraging” results from the exploration programs at Los Zorros deposits in Chile.

Since then, Samex has issued no other major developments, apart from the usual releases confirming the constant interest of Sasco Partners, LP towards the company. Yesterday, the investment firm informed to have bought another 2.46M shares of Samex, increasing its stake in the company to approximately 20.8%.

This was, perhaps, one of the main reasons for Wednesday’s huge turnover of 2.56M shares, beating quite convincingly the 30-day average trading volume. Probably, this also helped the stock rise by 5.7% on the CVE. Yesterday, SXG ended at $1.30, very close to its yearly-high of $1.40.

9Samex_-_Logo.pngIt looks like today’s session is going to be hot one too. Only two hours after the opening, we see a turnover of over 1.28M, and a further 4.62% rise in the share price.

Nevertheless, it is far from clear whether the stock has the strength to continue its upward movement. As known from an earlier article on Samex, the company is not very solid in a financial aspect.

So far, however, things look just right for Samex Mining Corp., though SXG has entered the overbought area as the RSI index suggests.