In The Zone

Correinte Resources - TSX: CTQ - NYSE-AMEX: ETQ

Corriente Resources Inc., a development stage company, through its subsidiaries, engages in the acquisition, exploration, and development of mineral properties primarily in Ecuador, South America. It owns a 100% interest in approximately 49,000 hectares located within the Corriente Copper Belt (CCB) region in Morona Santiago province, southeast Ecuador. CCB contains four copper and copper-gold porphyry deposits, including Mirador, Mirador Norte, Panatza, and San Carlos, as well as five additional copper and copper-gold exploration targets known as La Florida, San Luis, San Marcos, San Miguel, and Sutzu.

The company was formerly known as Iron King Mines Inc. and changed its name to Corriente Resources Inc. in April 1992. Corriente Resources was founded in 1983 and is headquartered in Vancouver, Canada. Corriente has been moving to the upside in a tight sideways consolidation for the past 6 weeks. The stock is currently up over 240% in the past 52 weeks but 12% below the S&P 500 and 10 points away from a new 52 week price high at $7.29. A breakout above the prior price high will take the stock much higher in the near term. Correiente is moving to the upside making higher highs and higher lows above its 5, 10, 32, and 50 week moving averages.

All indicators are continuing to points higher as we approach Christmas. The moving average convergence divergence, volume, relative strength, as well as money flow are all moving higher. Upside resistance is at $7.30 with downside support at $7.19 up $0.84 or 13.23% on the upside with heavier than average weekly volume of 1.1 million. The average weekly trading volume for the stock is 464,501.

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