Yesterday the market awarded Chembio Diagnostics, Inc. (PINK:CEMI) with much more trading interest than usual.
The trading volume exceeded 210 thousand shares, which is roughly seven times higher than the daily average.
The short volume activity reached 20% of all the volume generated during the day. The exact number of shorted shares is 43,300 as reported by FINRA.
The value of CEMI stock increased as a result of the produced buying pressure. The share price rose up 9.25% to $0.4698.
With this movement CEMI conquered the two major moving averages – the 50- and 200-MA. The MACD indicator also bounced off its moving average.
However, technical indicators cannot give a clue about how long the positive set-up will hold.
