January 12, 2012 at 09:11 AM EST
Ethiopian Potash Corp. (CVE:FED) (PINK:ETPHF) Stock Price Decides to Stick to the Support
Ethiopian Potash Corp. ( CVE:FED ) (PINK:ETPHF) stock has attracted attention with its performance on Tuesday but the company doesn't have much to show for the archly observing bulls.  FED stock price is clinging to its support at 52 cents per share and has been doing this for quite some time, mostly because of liquidity issues. One exception was the trading volume on Tuesday which packed over 2.2 million shares and was way above the average of 326 thousand. The price easily gained 5.5% under such conditions. FED was in consolidation before the big move and it might very well return to the same condition since the price rush came purely out of the blue. The general situation in the markets can be looked upon to explain the increased trading of FED, yet the TSX now turns red when traders try to cash in on previous gains The very same situation is happening with FED, which recently has been closely in line with the S&P TSX Venture index. Their fundamental situation doesn't shine either, and is comparable to most of the exploration stage mining companies. Ethiopian currently holds a market cap of $52.1 million and their net book value is $40.2 million. This calculates to a conservative P/B ratio of 1.3, which the company can retain without much effort.
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