Yesterday, Broadcast International, Inc. (OTC:BCST) felt serious selling pressure in the afternoon hours of the session, but eventually buyers took the upper hand over the trading and manged to push up the share price. In the end, BCST finished the session 1.15% higher at $0.79 after plunging down to $0.59.
The dramatic tug of the war between sellers and buyers that happened yesterday was also a very intensive one, suggested by the increased number of traded shares. While BCST has a 90-day average of 19 thousand, yesterday the volume generated in the session went over 175 thousand, or nearly 9 times higher than the average indicator.
Unfortunately, there is no official explanation of what happened with the stock trade yesterday. It will probably remain a mystery why the trade of BCST stock intensified so much, unless some sort of press release comes out to clarify the situation.[BANNER]
From a technical point of view, BCST is still floating below the 50-MA, which is a general stimulator for the bearish mood on the market. The moving averages also made a bearish cross last week. Simultaneously, the MACD made a bearish cross as well and thus the stock found itself down from almost $1 per share to $0.79.
Investors will have to watch the indicators about a sign that the selling pressure which BCST experiences right now is weakening. In the mean time, it seems that a report or a press release from the company will be most welcomed by the market in order to make the chart patterns more explainable.
