Colorado resource has release its step out drill holes on Thursday. Drill hole 2 shows up nothing and drill hole 3 and drill hole 4 interval and grade are not as impressive as drill hole 1 that triggers the sell off.
It is possible the mineralization is on the other side and there is still hope that the next set of drill holes will be better. If the next set of drill holes are similar to 3 and 4. This might not be as big and economic as previously thought and the stock will continue trend lower.
On the technical (MACD) of the stock, the sell signal shows up on May 29. It seems like it is trending lower. Of course if there is another great drilling results. That will change the whole graph and it will reverse the trend immediately. So I would not depend on the Technical analysis to trade this stock.
According to Dr. David Groves, for a porphyry the best location is usually 35 km to 50 km away from a mine. North Rok is only 15 km away it might not be as impressive as Red Chris.
I don't own any Colorado Resource stocks.
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