As the bull continues to run past $1 on the penny stock of Western Graphite Inc. (WSGP), so does the news flow to keep traders in their positions. Announcing early Monday that the junior exploration company is in negotiations to acquire a fully producing graphite “Khara Mine” located in the same area as their Amorf property in Southern Turkey, WSGP stock remains one of the highly liquid penny stocks for traders to keep on their current watch lists. From a technical POV, it’s put up or shut up this week.
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WSGP Stock Quote
Market Cap: 73.08M
Friday Close: 1.26 ▲ +0.09 (+7.69%)
Volume: 991,500
Open: 1.16
High: 1.31 (New 52 Week)
Low: 1.13
14-Day Rel Strength: 84.39%
14-Day Stochastic: 92.19%
1st Resistance Point: 1.3367
2nd Resistance Point: 1.4133
1st Support Level: 1.1567
2nd Support Level: 1.0533
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As the 13th “true” trading session is about to commence and the 50% gains level is about to be achieved, despite the day 1 tirade about full life boats and over exposure, volume level from last week indicate that the Western Graphite life rafts are stroking their WSGP paddles quite nicely thus far.
During the course of the first 12 trading sessions, WSGP stock has remained relatively calm as volume has yet to surpass 2 million on any one session. Tuesday and Wednesday of last week proved that the message has gotten out as shares were accumulated.
News today of negotiations for an approximately 2,000 acre, fully producing mine is proof enough to show that the drain plugs are still tightly secured for now and should provide for some positive flotation for the week.
About WSGP Stock
Western Graphite Inc. is a junior exploration company focused developing its property in Canada and Turkey to become a major world class producer and supplier of graphite, large enough so as to help North America become graphite self-sufficient.
Click here to view the SEC filings for WSGP.
Click here to view the website for Western Graphite.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 05/02/13 | 1.1700 | unch | unch | 782,200 |
| 05/01/13 | 1.1700 | +0.0600 | +5.41% | 1,615,100 |
| 04/30/13 | 1.1100 | +0.1300 | +13.27% | 1,664,300 |
| 04/29/13 | 0.9800 | +0.0900 | +10.11% | 644,300 |
| 04/26/13 | 0.8900 | -0.0580 | -6.07% | 514,838 |
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Bottom Line:
WSGP has been a good penny stock thus far and is rapidly reaching its peak. While the peak may not be far off, swing trading WSGP stock once the dip occurs could be the strategy some traders can use to create a 10-20% “ATM” type stock for themselves since not much dilution has taken place as of yet.
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