Bulls won the last trading session in battle for the price of Quetzal Energy Ltd. (CVE:QEI) (PINK:QUEZF) which suggests a possible bounce up from the current levels.
QEI stock price ended up flat for the day, although it had lost up to 18% during the session. Trading was significantly heavier than normal – 4.9 million shares traded, which was much heavier than the 90-day average of 1.1 million.
The volatile action confirmed that the support at 4.5 cents per share is strong and can be counted on. The price still remains rather close to the multi-year low of 3 cents per share, which could be reached very quickly if the mentioned support would break.
The stock price has been deteriorating for the past two months, but this last drop was heavier than normal and thus allows for some bouncing.
The latest news were slightly favoring bulls as well. The company said on March 26 their Canaguay-1 well appears to have recovered after a new pump has been put into work in the middle of the month. It now produces around 1.3 thousand BOPD.
Their Mani-1 well was tested and showed up to 1.9 thousand BOPD productivity, but stays suspended until regulatory approval is received.
