With an advance of 14.29%, Pelangio Exploration Inc. (CDX:PX:CA) was one of the best performing basic material stocks listed on the TSX Venture on January 13. After closing the previous session at $0.035, shares of PX:CA opened this morning at $0.04 and closed the day at $0.04. Throughout the day, about 120,000 shares changed hands, compared to an average 30-day volume of 136,266 for Pelangio Exploration Inc.. Shares moved as high as $0.04 and as low as $0.04 in today’s trading action.
The share appreciation gives the company a market capitalization of $8.24 million based upon 235.54 million shares outstanding.
In the past 52 weeks, shares of Pelangio Exploration Inc. have traded as low as $0.015 and as high as $0.075. Technical traders will take note that at $0.04, shares of PX:CA are trading below their 50-day moving average (MA) at $0.041 and below their 200-day MA at below $0.045. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move above them or holding over them is typically regarded as bullish.
Who is $Pelangio Exp?
Pelangio Exploration Inc is engaged in the acquisition, exploration and development of mineral property interests in Canada and Ghana, Africa. Its projects include Obuasi, Manfo, Akroma in Ghana; and Birch lake, and Poirier gold in Canada. The company is led by its CEO Ingrid Hibbard from its headquarters at 4139 Britannia Road.
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About the TSX Venture Exchange
Owned and operated by the TMX Group, the TSX Venture Exchange is a public venture capital marketplace for emerging companies. It is headquartered in Calgary, Alberta, Canada with offices in Toronto, Vancouver and Montreal. All trading on the exchange is done electronically. Originally established in 1999, the “Venture,” as it is often shortened, was previously known as the Canadian Venture Exchange, but renamed in 2001 subsequent to the TSX Group (now known as the TMX Group) purchasing it.
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