The stock of ERHC Energy Inc. (OTC:ERHE) saw an increased investor interest yesterday throughout the whole session. After ERHE crashed down severely on a record high volume three days ago, the company finally felt some buying pressure in the last session.
Specifically speaking, the stock surged almost 2% to $0.086. On the intraday chart, a disturbing downward spike happened near the end of the session, but eventually buyers managed to push the price above the previous close level.
With the joint effort of all investors, ERHE generated a volume of over 1.1 million shares, which exceeds 3 times the daily average. The short volume was kept low during the session at 280 thousand shares, or lower than 25% of the total volume.[BANNER]
As the company hasn’t issued any 
update on its operations, nor has it filed any reports lately, the stock chart is more likely to have been influenced by technical configurations. In this regard, the stock is currently in the clutches of very strong bearish signals by both short term moving averages and MACD. Only yesterday did these signals wane a little bit.
ERHE is also currently below the 50-MA and if some sort of buying pressure occurs this will be the critical resistance level to watch. However, at present it is highly dubious if such pressure can occur without any stimulating effort from the company. So, apparently the technical chart will probably continue to be the major guiding light in the trading of ERHE stock in the near future.
