With an advance of 16.67%, Pele Mountain Resources Inc. (CDX:GEM:CA) was one of the best performing basic material stocks listed on the TSX Venture on January 13. After closing the previous session at $0.03, shares of GEM:CA opened this morning at $0.035 and closed the day at $0.035. Throughout the day, about 704,500 shares changed hands, compared to an average 30-day volume of 195,233 for Pele Mountain Resources Inc.. Shares moved as high as $0.035 and as low as $0.025 in today’s trading action.
The share appreciation gives the company a market capitalization of $6.3 million based upon 210.0 million shares outstanding.
In the past 52 weeks, shares of Pele Mountain Resources Inc. have traded as low as $0.02 and as high as $0.055. Technical traders will take note that at $0.035, shares of GEM:CA are trading above their 50-day moving average (MA) at $0.023 and above their 200-day MA at above $0.031. 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 $Pele Mtn Res?
Pele Mountain Resources Inc is a development stage company. The Company is engaged in the process of exploring and developing its mineral resource properties located mainly in Canada. The company is led by its CEO Alan Shefsky from its headquarters at 2200 Yonge Street.
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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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