Sayona Mining Limited (OTCMKTS:SYAXF) Stock Pulls Back After The Big Jump

Lithium production companies have increasingly come into focus among investors in recent times and for good reason as well. One of the lithium producing companies that you could currently consider looking into is that of Sayona Mining Limited (OTCMKTS:SYAXF).

Market Action

On Tuesday, SYAXF stock ended lower by 5.56% to $0.0850 with 741K shares, compared to its average volume of 1.78 million shares. The stock has moved within a range of $0.0810 – 0.0900 after opening trade at $0.0900.

Moblan Drilling Planned As Sayona Eyes Lithium Resource Expansion

In recent times, the company’s stock has experienced a certain degree of volatility and yesterday, it fell by as much as 5% as a result of a strong selloff. However, at the same time, it is also necessary to point out that despite the fall, the stock is up by as much as 7% over the course of the past week.

Yesterday, the company was in focus once again after it announced that it was going to initiate a significant new drilling programme at its Moblan Lithium Project located in Northern Quebec. The drilling programme is going to be conducted in collaboration with SOQUEM Inc. The company added that the drilling programme is going to commence in February next year and will be made up of as many as 55 drilling holes.

However, it seems that the news did not come as a source of optimism for investors and the stock suffered from a strong selloff instead.

Traders Note

SYAXF stock is trading below the 20-Day and 50-Day Moving averages of $0.0904 and $0.1060. Moreover, the stock is trading is the oversold zone with RSI stands at 43. The stock is down 20% over the past month.

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