Yesterday, 147 thousand shares of Wonder Auto Technology, Inc. (NASDAQ:WATG) common stock were exchanged on the market.
The share price of WATG surged up 2.91% to $1.06. In the last two days, WATG has been rising after it bounced at the support at $0.87.
On the first day of the climb, investors could see a new 8-K form filed by the company to the SEC. It declared that the NASDAQ hearings Panel had denied the request of WATG for continued listing on the stock exchange.
The form also announced that WATG securities would remain suspended until a Form 25 notification of Delisting is filed with the SEC after all appeal periods had expired.
The denial, however, didn’t seem to have an effect on the market performance during the day. Apparently, it was the technical set up which had a prevailing influence on the stock.
In this regard, it must be pointed out that apart from the successful test of the support at $0.87 WATG stock also had a positive support by the climbing MACD indicator.
However, WATG is bearing a caveat emptor sign on the OTC Markets and was just suspended from the NASDAQ, which can act as a repellent to future investors in the stock.
