May 30, 2011 at 12:37 PM EDT
Bulls Seem Determined To Push Ethiopian Potash Corp. (CVE:FED) (PINK:ETPHF) Share Price Up
Ethiopian Potash Corp. ( CVE:FED ) (PINK:ETPHF) spurt up today continuing the streak of gains from the last week. FED stock price gaped up this morning opening with 17% premium. Trading volume topped the average of 541 thousand early into trading, showing some heavy interest as well. The price move was likely created by the momentum from the last week when FED cautiously rallied 8.7% over three days. The swing up wasn't encouraged by any news, thus it is a purely technical correction, spicing up to the boring decline recorded over the 1.5 month. Currently the price finds support at 66 cents, close to the historical level of 60 cents, and the closest resistances lie at $0.90 and $1.07. The 50 day moving average also showed some teeth when the price failed to pass above it this morning. If FED manages to break through it that could create the necessary thrust to reach the upper resistance. The last news, issued on April 26, 2011, was all positive, so the share price has merit to keep swinging in the established range. Back then Ethiopian Potash stated the construction of a field camp was going according to plan. It was planned to be operational by the end of April and a 15 thousand meter drill program was to start in early May. No further update was provided though.
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