Investors who are interested in the mining sector may have noticed that the Anaconda Mining Inc (OTCMKTS:ANXGF) stock has been in the middle of a strong selloff over the course of the past week and has declined by 9% during the period.
Market Action
On Tuesday, ANXGF stock ended flat at $0.4678 with 10 shares, compared to its average volume of 29k shares. The stock has moved within a range of $0.4678 – 0.4678 after opening trade at $0.4678.
Anaconda Mining and the Municipality of the District of Guysborough Sign Community Benefits Agreement
In this situation, it is perhaps important for investors to work out if the stock is going to continue to decline or if the decline is an opportunity to get into it. In order to have a better understanding, it may be a good idea to take a look into the development from yesterday.
The company announced on Tuesday that it had inked a Community Benefits Agreement with Municipality of the District of Guysborough. As per the terms of this agreement, Anaconda is going to be responsible for supporting economic and social benefits which are sustainable in nature.
It was a major announcement from the company and it is going to be interesting to see how the company goes about its business in them in the above mentioned municipality. It may be a good idea from investors to consider adding the stock to their watch lists at this point in time.
Traders Note
ANXGF stock is trading below the 50-Day and 200-Day Moving averages of $0.49 and $0.58. Moreover, the stock is trading is the neutral zone with RSI stands at 44. The stock is down 3% over the past month.
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