While it is true that many precious metals stocks have seen considerable action in recent days, the AbraSilver Resource Corp (OTCMKTS:ABBRF) stock was in a downward spiral yesterday and declined by as much as 5% as a consequence.
Trading Data
On Monday, ABBRF stock moved down 5.30% to $0.3315 with more than 394k shares, compared to its average volume of 630K shares. The stock moved within a range of $0.3144 – 0.3380 after opening trade at $0.3228.
AbraSilver Engages Synergy Resource Capital to Provide Investor Relations Services
Despite the fall in the stock yesterday, it ought to be noted that the company made a fairly positive announcement. It announced that it had hired the services of the firm Synergy Resource Capital for the purpose of providing investor relations and market awareness services. Synergy Resource Capital is based out of Sydney, Australia.
In this context, it should be noted that the hiring of Synergy is only going to come into effect once the TSX Venture Exchange accepts it. The principal of Synergy is Paola Rojas and is going to be in charge of all the initiatives with regards to AbraSilver.
It is also necessary to note that Synergy is one of the leaders in the corporate advisory and investment space and has worked extensively in the emerging technology and resources industries over the years. While it remains to be seen how it can bring about positive changes at AbraSilver, the appointment may be a step in the right direction.
Technical Data
ABBRF stock is below the 20-Day and 50-Day Moving averages of $0.33 and $0.32 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33.
