Sassy Resources Corporation (OTCMKTS:SSYRF) Stock In Bearish Trend: But Why?
It was not a great day in the markets on Monday as a number of stocks ended up with declines and one of those was the Sassy Resources Corporation (OTCMKTS:SSYRF) (CNSX:SASY) stock. Although it is true that the company made a fairly positive announcement yesterday, the market did not react to it with any kind of positivity and the stock went down by as much as 7.5%.
Market Stats
On Monday, SSYRF stock moved down 7.47% to $0.4420 with more than 22.43k shares, compared to its average volume of 30.42k shares. The stock has moved within a range of $0.4241 – 0.4695 after opening trading at $0.4412.
Sassy Receives Drill Permit for Highrock Uranium Project; Drilling Expected to Commence in February
In this situation, it is important to point out that Sassy Resources had announced yesterday that it had been handed the crucial drill permits for its Highrock Uranium Project. The permit was provided to Sassy Resources by Forum Energy Metals, the project operator.
It was a significant breakthrough for the company without a doubt but that did not lead to any rally in the stock yesterday. In this regard, it is necessary to note that the company is looking to go for a diamond drilling programme of as much as 3000 metres and it is clear to see that the project is a major one.
The drilling activities are going to consist of around 10 to 12 holes in total. Investors could consider adding the Sassy Resources stock to their watch lists at this point despite the drop yesterday.
Key Quote
Mr. Ian Fraser, PGeo, Sassy VP Exploration, commented, “We look forward to getting onto the Highrock Property and following up on two main areas of interest previously identified by Forum. The first area is immediately adjacent to the southernmost Key Lake Project claim, testing a large gravity low that covers the same EM graphitic conductor that hosts the Key Lake deposits. The second area presents a series of gravity lows along the same EM graphitic conductor on the south part of the project.”
Traders Corner
SSYRF stock is trading below the 10-Day and 20-Day Moving averages of $0.4569 and $0.4539 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.4569.
