Africa Oil Corp. (CVE:AOI) (PINK:AOIFF) stock price shot after the company got more media coverage reminding of the recent prospective oil discovery.
AOI stock price another 15% on Friday under a trading volume of 3.6 million, which was three times heavier than the average turnover.
During the session, share price hit a new 52-week high at $4.43 per share. The closest support sits around $3.5 per share, which could easily result in 21% price drop when the latest catalysts run out of fuel.
Trading got active after the company got covered by prospectingjournal.com. An article covering the recent oil discovery clearly made an impact on the market, although it contained no further news, just
The intraday price action was concentrated towards the end of the session, which reveals that professional traders are getting more and more intimate with the stock and acknowledge it holds potential to break further up.
The company is still comparatively far from actually making money off their oil properties, but the market valuation of $918.4 million shows a lot of expectations have been built into AOI. The company still has to find the massive oil reserves they are looking for and cope with the African lack of experience surrounding oil exploration business.
