On Wednesday, Transition Metals Corp (OTCMKTS:TNTMF) was in the news after the company announced the results from a survey at its Jolly Gold property that had been conducted by Mobile Metal Ion.
Market Action
On Wednesday, TNTMF stock ended flat at $0.1033 with 1.3K shares, compared to its average volume of 7.4k shares. The stock has moved within a range of $0.1033 – 0.1033 after opening trade at $0.1033.
Transition Metals Reports Multi-Element Geochemical Anomalies
While it is true that it was a significant announcement from the company, it did not lead to any action in the Transition Metals stock and it continued to trade within a range. Although the stock may have been trading within a range yesterday, it should be noted that a stock can also break out from that situation. Hence, it may be a good move to take a closer look at the announcement from Transition Metals.
The Jolly Gold property spans the entire western extension of Beardmore-Geraldton Greenstone Belt, which is particularly well known for being prolific. In the survey results, it was revealed that there were multi-element geochemical anomalies that were 300 metres long. It was a major announcement from the company and one that investors ought to keep in mind when considering this particular sock. It now remains to be seen if the Transition Metals stock can eventually break out or not over the course of the coming days.
Traders Note
TNTMF stock is trading below the 10-Day and 20-Day Moving averages of $0.1033 and $0.1102. Moreover, the stock is trading is the neutral zone with RSI stands at 29. Key pivot point is $0.1033.
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