After four consecutive trading sessions in which the share price of Sonora Resources Corp (OTC:SURE) has been climbing up, yesterday it jumped up to the 200-day moving average. The only “news” recently is the intensive shorting of SURE shares. 
SURE got yesterday the highest trading volume for the past six months after over 648,600 shares were traded during the session. That led to an 8% increase in the closing price to $0.40, while SURE reached the 200-day moving average of $0.45 during the day, which could be the next resistance level.
SURE value has thus increased over 80% in a week, though this does not seem to be supported by any news. It looks more like the high shorting activity could be raising the price of SURE as around 50% of the total trading volume in three of the last four trading sessions was due to short transactions.
Sonora Resources latest press release dates back to October 13 when the company announced it had initiated a phase one study at its Ayones gold and silver project located in Mexican State of Jalisco. The PR did not mention when traders should expect any results of the study. About a week before that, SURE had also filed its 10-Q for the period ending August 31, 2011.
The report shows that after a forward stock split that became effective in November SURE market value now exceeds $38.5 million. That seems overestimated given that the company has not proven any reserves yet on the properties in which it holds interests. Also, SURE had at the end of August only $153,500 in cash, while the book value of the properties was $3.7 million.
