Atacama Resources International Inc (OTCMKTS:ACRL) impressive run looks set to continue after getting a boost after the company announced a series of management changes. The changes, which are geared towards driving the next phase of the company’s growth and success, continue to strengthen market sentiments.
OTCMKTS:ACRL Price Analysis
The stock has been on an impressive run after a long period of consolidation near all-time lows. Subdued trading activities in the first six months of the year was down to a lack of substantial press releases needed to gauge the company’s long-term prospects.
Fast forward, the stock has taken the market by storm rallying by more than 500% over the past three months. The spike higher has come on huge turnover of traded shares affirming renewed investor interest in the stock.
Atacama Resources has since started edging lower in what appears to be a correction phase after a meteoric rise to 52-week highs. The $0.01 mark has since emerged as a critical support level above which the stock remains well supported for further upside action.
A rally followed by a close above the $0.02 mark should reaffirm the emerging bull trend, setting the stage of Atacama Resources to record new highs. Conversely, a sell-off followed by a close below the $0.01 mark could trigger renewed sell-off that could result in the stock plunging back to the lows.
What Does Atacama Resources Do?
Atacama Resources is an exploration and mining company with significant mining claims in Northern Ontario Canada. Its lead mining interest is in the Kirkland Lake area where it is currently exploring gold, copper, diamonds and cobalt mining claims. In addition, the company also offers Good2Drive, an app designed to measure drivers cognitive abilities.
After a long period of underperformance, Atacama Resources has taken the market by storm in the second half of the year. The company has turned to management changes as it seeks to reinvigorate its growth prospects in the industry. The company says it has assembled a cross-functional executive team focused on implementing a strategic course and direction in the mining industry.
Colin Keith, with strong and extensive mining industry experience, takes over as the Chief Executive Officer tasked with the responsibility of plotting the company’s next phase of growth. Atacama Resources has also appointed Paul Rokeby as the Chief Financial Officer. Waylon Iserhoff with 25 years business and finance experience takes over as the vice president, community relations while Daniel Finch will be the head of United States operations.
“We are delighted to welcome these transformative leaders to the Atacama team. Our business has ambitious goals to pursue, and achieving them will require tremendous skill and collaborative leadership, and the addition of Messrs. Keith, Rokeby and Iserhoff to our already accomplished team puts us in an even better position to implement key operational initiatives,” said David Berry, Chairman of the Board.
The new chief executive officer has echoed his support for the new executive team, which he believes boasts of the much-needed skills to execute on the company’s strategic vision and growth plan. The fact that the new executive members are leaders in their own professions should help set Atacama Resources in a solid financial footing while implementing strategic and comprehensive exploration and testing program.
Atacama Resources has powered through a tight trading range, formed in the first half of the year. A phenomenal run to new highs underscores the stock’s break out credentials as it has come on huge volume. The stock picking up support underscores growing confidence about the company’s long-term prospects and growth metrics in the wake of the recent management changes.
Recent price action activity provide clear evidence of a positive trend materializing. For investors looking to gain exposure to the mining business, OTCMKTS:ACRL is one of the best picks in penny land. A string of positive news announcements should continue to support the emerging uptrend and set the stage for new highs.
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Disclosure: We have no position in OTCMKTS:ACRL and have not been compensated for this article.