CardioComm Solutions Inc. (CVE:EKG) (PINK:EKGGF) closed above an important resistance after spiking up into new highs during Tuesday’s session.
EKG hit a new multiyear high of 65 cents but closed at a conservative $0.60 per share, one cent above a previously established resistance. The stock had an outstanding price performance early in the trading session but lost most of the gains over the last half an hour, which showcased profit taking and pessimism about EKG’s ability to retain the gains.
The 5.6% price increase, which was still retained by the end of the session, doesn’t look like much, but the daily trading volume might still attract more risk prone traders. 3.3 million shares changed hands on Tuesday, which is 1.7 times the average of 1.9 million and significant enough to be noticed.
The bulls are feeling insecure for a reason. There was no news issued lately and the stock has gone up on a purely technical breakout. The last update from CardioComm was issued on March 8, 2012. and it on disclosed some details on an information exchange done with the Japanese medical technology delegation.
The price fall towards the end of the session suggests a bearish Wednesday is of more possibility than a bullish one. However, if the volume picks up there is a small chance of continuation as well simply because the price managed to stay above the support at 59 cents per share.
