Gulf Manganese Corporation Limited
Market Cap $24.5, Cash ~$1.2m
After announcing cornerstone investor support with a $10m guarantee provided that the permits are granted, SP went from 0.7c to 2.6c. SP has been on a healthy retrace since and finding strong support at the 1.5c level.
We broke out of descending triangle on Tuesday on a low volume green day, this being first confirmation of reversal. Second confirmation being the breakout of the week-long 1.6-1.8c trading range yesterday on low volume, and further confirmation today with a close of 1.9c.
With permits round the corner, FA and TA are lining up and GMC looks ready to fly again.
