Although AlumiFuel Power Corporation (OTC:AFPW) has stopped making new low in the last two months, the company is not showing any signs for a break out as well.
Yesterday, AFPW registered a strong trading session when the stock price rose 45% on a heavy volume. At the end of the session AFPW had reached a share price of $0.0016 per share.
The number of traded shares exceeded 74.7 million shares, which exceeds several times the three-month daily average. FINRA reported that 22.7 million shares were exchanged in short transactions during the day. In other words, the short volume for the day was 30%.
The surge cannot be attributed to any press release or report issued by the company. In fact, there hasn’t been any news from the company since the beginning of the month.
On February 5, AFPW announced it had received a positive feedback from the most esteemed weather conference in the US. However, this was not enough to boost the share value and on the following trading session the stock slipped down 7.69%.
