This past Friday the Discovery Minerals (OTCMKTS:DSCR) stock had been in the middle of a strong rally and it is likely that the stock is going to come into focus among investors today as well.
Market Action:
On Friday, DSCR stock rose 29.73% at $0.0024 with more than 8.24 million shares, compared to its average volume of 25.65 million shares. The stock has moved within a range of $0.0017 – 0.0024 after opening the trade at $0.0017.
What You Need To Know
The stock had jumped by as much as 29% on Friday but at the same time investors need to note that there was no material news about the company that could have led to such significant gains. However, in this context it might be a good idea to take a look at a development with regards to the company from September 28.
The company had announced at the time that it had signed a letter of intent with the owners of a property in Zambia. The potential acquisition could be a significant one considering the fact that the property in question has as many as two gold ore bodies in addition to the presence of cobalt and copper.
However, at the time, Discovery Minerals had noted that the due diligence of those properties is going to be completed before the acquisition could be completed. At this point in time, investors could do well to keep a close eye on the news in relation to the company.
Traders Note
DSCR stock is trading below the 200-Day and 50-Day Moving averages of $0.0065 and $0.0035 respectively. However, the stock is trading above the 20-Day moving average of $0.0022. The stock is down 72% in the past 3-month.
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