Strategic Mining Corp. – Trading Update
As a member of the Hotwiredstocks.com team, I am so very pleased to submit the following press release:
TORONTO, March 4, 2010 (GLOBE NEWSWIRE) — Strategic Mining Corporation (Pink Sheets:SMNG), a U.S.-based mining and exploration enterprise focused on the exploration and development of precious mineral properties in Vietnam, the U.S. and West Africa, announced today that it has retained Hot Wired Stocks (HWS; www.hotwiredstocks.com) to lead its shareholder value and public relations efforts
It was just this past Monday that I first reviewed a Strategic Mining stock chart. Although this is a relatively new listing my comments were most bullish. I have always been intrigued by new issues with huge growth potential and both the company’s exploration initiatives and the positive chart activity certainly indicate that this could well prove to be a great speculative buy.
On Monday. I wrote:
“As you can see by the 5 month chart I have attached, trading volume in shares of Strategic Mining increased substantially beginning in mid-November of 2009. The stock ran up from $0.04 to a high of $0.35 on January 13 when 209,000 shares traded. The stock has since traded in a range from $0.10 on January 28 and as high as Friday’s close of $0.26. Volume has been sporadic since the stock started moving up in December ranging from no volume at all some days to last Wednesday’s high of 175,000 shares. I attribute the low volumes and price volatility to the fact that although there are 99 million shares issued and outstanding the float is a very small 2.3 million shares held by a close group of only 189 shareholders.
I believe this renewed, positive interest in Strategic Mining can be attributed to the naming of Mr. Todd Sterck as new President and Director. Additionally, the company anticipates being moved from the Pink Sheets to the NASDAQ Bulletin Board by the end of the first quarter. Adding to the bullish sentiment, the company has further pursued exploration and development projects in Utah, Nevada and Vietnam to compliment their presence in properties in West Africa.
As the daily volume is still relatively light I anticipate some price volatility and would view any trading down to the $0.12 to $0.18 levels as a tremendous buying opportunity. I strongly believe that this volatility accompanied by any bullish news could see prices run up easily to the $0.50 to $0.75 levels.”
Just four days later my opinions have not changed. Trading since Monday’s comments have validated my observations as the stock has traded up from a low of $0.28 to yesterday’s high of $0.33. As you can see by the attached chart any break-through the upper resistance channel [GREEN] line at $0.33 would suggest to me that the stock could run up to my pre-suggested level of $0.50 to $0.75 levels.
