Bulls took an initiative over Concordia Resource Corp.(CVE:CCN) (PINK:CCNCF) stock generating heavy trading volume and sending the price up significantly.
Concordia’s stock regained 12.9% after bouncing up from the bottom at 35 cents per share this Wednesday. The scope of the move was nearly in line with the general volatility of the stock but it’s the trading volume that gets attention.
Over yesterday’s session CCN attracted the highest daily trading volume recorded over the past year. 6.5 million shares changed hands, which is humongous considering the 90-day average only reaches 236 thousand.
The move was mostly technical though – the rice breached into new lows a couple of days ago, but bears failed to retain the momentum. Some of the buying was most likely caused by short squeezes as well, although it is poorly reflected on the choppy intraday chart.
The current market cap of Concordia is still below their net book value of over $39 million, which gives merit for a continuing buying pressure if enough traders will be willing to bet their money on the technical bottom bounce.
Concordia had no news since mid-April when they announced promising results from drilling at the Kerboul? Project in northern Burkina Faso.
