Since Imperial Resources, Inc. (OTC:IPRC) issued a production update on one of its Oklahoma wells, its stock has skyrocketed.
A positive movement in the stock’s graph was detected earlier this month when the company announced that its Green Tide Salt Water Disposal Facility was being rebuilt after it was stricken by a lightning a couple of months ago.
After this announcement IPRC broke the resistance at $0.12 and climbed up to $0.15 during same week.
A more intensive price jump followed the production update. After the company disclosed that the underlying well was producing at flow rates of around 167 barrels of oil per day and more than 650 MCF of gas per day, its share price increased more than 100%.
The last trading session on Friday was marked by a very intensive trading activity. IPRC opened the session with a gap at $0.305 and closed at $0.28. The trading volume exceeded 215 thousand shares which is several times higher than the daily average.
According to the MACD indicator, bulls have taken precedence over bears roughly two weeks ago when the indicator crossed the central line.
It is not clear how long this bullish period will last, so investors will have to watch technical indicators closely for any signs of reversal.
