Intertainment Media Inc. (CVE:INT) (PINK:INMTF) attracted a lot of attention when their stock price finally broke above the predominant price channel. The recent news also induced a lot of stock related discussions, which further fed the price rally with new buyers.
On Friday INT broke out beyond its long time resistance at 65 cents per share. The stock price added 26.6% on a trading volume of over 10 million. For comparison average turnover reached 1.7 million over the past 90 days.
With this breakout the stock price also poked above the 200 day MA, which is a significant technical achievement. Furthermore, a change in directions of the two main moving averages was also observed for the past half a month. Since the 50 day MA is going up to confront the 200 day one its is yet another bullish sign.
INT share price advance was actively discussed in trading forums, showing how controversial this increase in price really was. Nonetheless, such a publicity worked wonders for the bullish traders.
The breakout partly relates to the news issued on Wednesday, February 1. The company said to have finalized the investment in Shiny Ads advertising technology. To date the company has invested $250 thousand in the ads business and holds an option to double the amount within six months, which would also get them a seat on the board of Shiny.
Since the stock price has moved above the previous range it will either establish a new one just a bit higher or traders will continue to push the price up, just like it happened around a year ago. The multiyear high for INT is nearly three times the current stock value with significant resistance only around $1.5 per share, or nearly twice the current price.
