Kiska Metals Corporation (CVE:KSK) (PINK:KSKTF) went up 18.6% on Tuesday carrying a trading volume of 1.66 million, which was a lot compared to the average turnover of 344 thousand.
The company had no official news that could have attracted the buyers thus the move was mostly based on a technical situation of the stock price action.
The last update from the company came out on January 6, 2012. It disclosed results of the 2011 drilling program executed on Thorn property in British Columbia. The results made a small impact on the stock price at the time, but the whole gains were later lost during a technical swing down.
The recent move was part of a three days bounce up rally, although with this much volume it extended much quicker than the previous one, seen from mid December to mid January.
Since this is simple swinging action, correction should be expected to bring the price down after it reaches around 41 cents. Panic might kick in earlier as well, since the level of resistance is pretty obvious here. However, the rallying price recently secured a strong support at 36 cents per share, so the situation remains were interesting.
