Quartz Mountain Resources Ltd (OTCMKTS:QZMRF) Stock Consolidates After The Recent Fall

Granting of stock options from a company is significant news from any company and so was the case with Quartz Mountain Resources Ltd (OTCMKTS:QZMRF) which made a similar announcement on Wednesday. However, the news did not lead to any move in the company’s stock one way or another and it remained within a range for the day.

Market Stats

On Wednesday, QZMRF stock ended flat at $0.1648 with more than 1.5K shares, compared to its average volume of 179 shares. The stock has moved within a range of $0.1648 – 0.1648 after opening trading at $0.1648.

Quartz Mountain Resources : Announces Grant Of Stock Options – Form 6-K

That being said, a stock trading within a range can often break out strongly and hence, it may be a good idea to take a closer look at the announcement. The company announced yesterday that the Board of Directors had provided the approval for granting stock options to a director in Quartz Mountain Resources.

The company announced that it granted a stock option for as many as 1955700 common shares in the company and all the options are in line with the stock option plan that is in place at Quartz Mountain Resources. It should be noted that the exercise price for the stock options had been set at $0.20 a share since that was the closing price of the Quartz Mountain Resources stock prior to the effective daye of the grant of the stock options.

Traders Corner

QZMRF stock is below the 20-Day and 50-Day Moving averages of $0.1670 and $0.1705 respectively. The stock is trading in the neutral zone with the RSI at 42. 

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.