The last trading session of Codima, Inc. (PINK:CDMA) was marked by a huge volume spike. The number of traded shares exceeded 325 million, which is at least a dozen times higher than the daily average.
CDMA share price acted like crazy on that day. First, it started below the previous close and for a couple of hours it didn’t move an inch. Then, all of a sudden, at around 12 p.m. the share price exploded to $0.0008, which was a 100% jump from where it started the session.
As the day went by, however, the share price retracted back to the previous close and at the end of the session CDMA succumbed to the selling pressure and finished 20% lower than the previous close.
The conspicuous action of CDMA stock on Friday happened without an official catalyst at hand. No press releases or reports were issued that day. In fact, once a company enters the triple zeros zone any kind of surprising volatility can be expected. [BANNER]
For now, it seems that CDMA has been relentlessly caught in the gravity force of the ultimate chart bottom. For just less than a month CDMA stock has went down from $0.004 to $0.0004. This apparently made a lot of shareholders nervous which resulted in a run-up on the stock.
On the other hand, certain market speculators may see a suitable opportunity to enter the stock at a cheap price. However, even they are not safe from losses because practically there is still room for depreciation.
