Violeta Slavtchevska

All American Gold Corp. (OTC:AAGC) Falls Through the 200-Day MA

by Violeta Slavtchevska September 29, 2011
Yesterday, the stock of All American Gold Corp. (OTC:AAGC, AAGC message board) ended the session with a heavy loss in value, falling through all but one support levels for the past six months. 1AAGC.png

AAGC closed at $0.33 for a share on a trading volume of 272,346 shares. That close is over 35% down from the previous close, whereby the particular reason for such a down move is not clear. One of the possible explanations could be that AAGC just got too much of promotions recently on which its share price had climbed to levels that could no longer be supported.

The promotional e-mails kept coming during the past several days as well, reaching a number of 85 for this month only. Total compensation paid to the promoters goes way above $650,000, but as seen on the chart, the uptrend of AAGC could not survive that long.84All_American_Gold.jpg

Yesterday morning, All American Gold published one more press release which consisted of an update on the drilling operations at AAGC Goldfield West Project in Nevada. According to the announcement, the drilling works are progressing according to the plan, but traders did not seem interested at all and towards the end of the trading session AAGC share price fell also through the 200-day moving average of $0.34.

Such activity leading to a sharp decline before market close does not exactly give hope that today's session would have a more positive outcome for the stock of All American Gold.

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