Canarc Resource Corp. (TSE:CCM) (PINK:CRCUF) stock price rallied further up extending the previous cautious price rally and hit a new yearly high.
CCM added 11.4% in the morning and appears to be holding the gains quite successfully for now. The accompanying trading volume topped 1.1 million amid the session, which was already far above the daily average of 84 thousand. CCM hit a new 52-week high at 22 cents per share.
Trading is not one-sidedly bullish which obstructs the possibility of this rally going much further up. If it would break above the current levels the stock might also challenge its multiyear high around 28 cents per share, but purely on technical reasoning.
There was no news announcement which means the reason for this rally was a technical build up from the previous sessions. No rumors are hitting the stock forums either and thus bears might soon get their take on CCM because the rally lacks catalysts.
On the other hand, the jump in price got CCM’s market cap only up to $18.3 million which looks sustainable even with the lack of fundamental reasoning. The current price to book ratio is only 1.4, in a usual range for exploration stage companies.
