Tamarack Valley Energy Ltd (CVE:TVE) (PINK:TNEYF) stock price moved down in a swift blow last Friday but might rise back up if bulls take notice of the oversold stock.
Continues to trade around 20 cents per share, where the stock might establish a new support zone. Tamarack’s share price collapsed 26.8% down after the company published an update on operations last week. The move had attracted a serious trading volume but it seems the rush was a one day event.
With the new support though bulls can expect to see the price bouncing up. The stock price had hit a new 52-week low at 19 cents per share and thus might have overextended downwards. The $37.3 million market cap is way below their book value of $50.7 million and that provides ground for a bullish price action.
On April 5 the company announced to have filed a preliminary prospectus with the Alberta Securities Commission in relation to the $16.5 million bought deal financing that was a announced by the end of March.
The stock was halted until the most recent trading session. The company is also pursuing an acquisition of Exhoex Ltd. which still needs to be approved by the exchange. Tamarack seeks to get a hold of light oil assets in Redwater area of Alberta.
