What’s Happening to the Share Price of Cardinal Resources Ltd?

What does Cardinal Resources Ltd do?

Cardinal Resources Ltd [ASX:CDV] is a gold exploration and development company. Its focus is the mineral rich country of Ghana, in Africa.

Recent drilling at its Namdini Project has been very encouraging, showing high grade gold mineralisation. Further recent drilling samples have been submitted to ascertain the extent and length of the mineralisation. Assay results are expected in a couple of weeks.

The company believes that they can potentially produce gold from this deposit and start to produce some revenues.

That’s interesting but what is the chart telling us?

What is the chart telling us?

I find it helpful to bring up a chart. Here is the daily chart of CDV.

Cardinal Resources chart

Source: STEX

This company has not been traded much in the past. However, there seems to be recent interest in this company.

What now for CDV shares?

You could keep one eye on this company; see how it reacts over the next couple of weeks leading up to the news of the assay results.

Watch the chart and also watch for any potential announcements. The market will tell you in advance whether the further drilling samples show extensions of mineralisation or not.

To learn how to profit from any potential market moves, go here.
Terence Duffy,
Research Analyst, Cycles, Trends and Forecasts

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