Bulls and bears are actively fighting over the direction of Minco Silver Corporation ( TSE:MSV ) (PINK:MISVF) share price movement, but none seem to be taking more ground. MSV trading volume topped 1.05 million on Thursday whiles its share price was stuck in place forming a doji candle of the day. The amount of shares that changed hands was significantly above the 90 day average of 174 thousand, showing immense battles between bear and bulls as the stock is entering distribution phase after a short term uptrend reached its end. Still, the price has found support at $2.00 per share and it's still holding. Minco had no news since filing the quarterly report on November 10, 2011, which provides space only for consolidation right now. The company's financial showed a significant improvement, but were greeted with a sharp stock price decline a month ago. On the books: • Working capital increased nearly 2.5 times; • Had a strong cash position of $21.2 million; • Had very little debt; • Stock dilution reached 34.4% over the past nine months. Currently Minco holds a market cap at $119 million against its book value of $88.65 million. The price to book ratio is 1.34 which is rather conservative, but given the lack of news and the company's lack of income the valuation seem fair. This leads to think the recent price fluctuations will likely lead to a consolidation period rather than anything else, however if the support is broken a short lived sell-off remains a possibility as well.