Kallisto Energy Corp. (CVE:KEC) (PINK:KEGYF) regained 4.55% on Tuesday on its struggle with the prevailing downtrend. This minor uptick took 1.1 million trading volume to happen, which is a tremendously large number considering the average daily turnover is only 142 thousand.
There was no recent news though, so the move isn’t likely to grow into anything more. The last update from the company was made on December 1 when they said to have placed an eight oil well on production at Pembina project in Alberta starting November 25. The news also stated that the ninth well should be spud in January 2012.
Shortly before that, the company had released third quarter results, which were mostly negative:
- Assets worth decreased 40% to $24.3 million;
- Revenue dropped by 34% to $963 thousand;
- Recorded $16.5 million impairment charge;
- 11.3% dilution to shareholder over the past nine months.
Poor stock liquidity is also a big issue. Although the price action shows some signs of opposition to the dominating downtrend, it might as well be random fluctuations or manipulations from market makers.
The stock is yet to establish a reliable support. The recent attempt to create one at 12 cents per share failed and currently there is nothing fundamental or technical that could cause the price to revert back up.
KEC stock price declined a total of 82.8% over the past year.
