On June 16 China Integrated Energy, Inc. (PINK:CBEH) was officially delisted form the NASDAQ stock market because of financial fraud charges. As a result, the company stepped in to the pink sheets family and resumed trading with a share price naturally way lower than before.
In the first trading days after the suspension, the stock darted sharply down and then up on a heavy volume. In the last two weeks, the traded volume significantly decreased and meanwhile the sharp movement of the stock price also eased out.
In the last session, CBEH generated a volume of only 160 thousand shares, which is more than two times less than the average daily volume of 250 thousand. There were also 20 thousand shares as part of the short volume. The daily average for CBEH is likely to change significantly in the coming months as the indicator starts to encompass only the new volume data and leaves out the volume CBEH generated as a Nasdaq company. [BANNER]
At this turn point for CBEH, it is still early to search for meaningful signals from the technical indicators. However, it is worth noticing that the MACD and the short-term averages have formed two convergence points. Therefore, the next movement of these indicators can show the direction of the stock price in the next couple of days.
As an overview, CBEH has joined the growing family of delisted Chinese companies from the official American stock exchanges. These companies eventually underwent a serious decline in their market value due to the lost investor confidence. Similar fate menaces the stock of CBEH, unless the company does something urgent to clear its public image.
