Yesterday, Golden Phoenix Minerals, Inc. (OTC:GPXM) saw higher than the usual trading activity on the market. The average daily volume of 500 thousand shares was exceeded more than 2 times with nearly 1.9 million shares turnover during the day.
At the same time the stock experienced an obvious buying pressure , which kept the stock higher than the previous close during the whole session. Eventually GPXM closed the session with a 20% gain at $0.15.
The data from FINRA, indicate that there was also a lot of short activity. The number of shares included in the short volume went over 900 thousand which is piratically half of the total generated volume. Seemingly, the increased interest of shorters gives a clue to the forming market sentiment.
The company announced yesterday that the second conference call for the year will be held in July. Apparently in anticipation of something significant coming with the advent of the shareholders meeting, the market participants traded actively on Monday. [BANNER]
However, there is no recent news about any significant development in the company, so the role of technical indicators in the stock movement should not be neglected. In this regard, a point worth mentioning is the breach which GPXM made in the 50-MA which can additionally provoke the long part of the investors.
The MACD also formed a strong bullish cross which was accompanied by the same pattern between the 4-MA and the 9-MA.
It seems that GPXM is trying to create some excitement around the stock by its announcement but it is better for investors to wait and see if the conference call will bring something that can influence the stock trade for real in the future.
