Miraculins Inc. (CVE:MOM) (PINK:MCUIF) stock price shot up during Thursday’s trading on what seems to be an overheating uptrend.
MOM pulled in the heaviest trading volume recorded over the past year as the share price spiked up 35%.
The price rally came one day after the company had announced they granted 2.455 million stock options to officers, directors and employees. Those were exercisable at 10 cents per share and have an expiration period of ten years. They were granted under a stock option plan but are still subject to approval by the TSX Venture Exchange. Shares issued when the options get exercised are restricted from sale for four months.
This is a nuisance in the current situation since nobody with the newly granted options can make use of the ongoing price rally.
The rally is noteworthy, though. The price change was twice the recently recorded volatility and supplemented the preceding short-term uptrend. Usually, such spikes are a sign that the rally is coming to an end, but more sessions of price increases are possible.
MOM would hit a new multi-year high if the stock price passes above 16.5 cents per share. This might prove to be very limiting for bulls though since there are is recent news behind the spike and it is rather fragile.
