Orko Silver Corp. (CVE:OK) (PINK:OKOFF) hit a new 52-week high during the weird and volatile price action which occurred last Friday.
Traders had a busy day on Friday, creating huge volatility in the price and recording a very obscure price action. The morning panic sell-off initially drive the price down 4%, but it actually saw a stunning come back by the end of the day when professional traders made their move. OK ended the session with a 10.5% gain.
The stock price had ran up above 3.20 for a short bit, thus it technically hit a new 52-week high. The intraday action seemed like it was mainly driven by short squeezes though. Continuation is possible on Monday as professionals have clearly shown sympathy for the stock.
The price stopped at a strong mental resistance at $3. Such a position is rather promising if the level is breached, and there is no better time than the start of the week to generate enough emotions- based volume for it to work.
Actually, the trading volume on Friday was one of the heaviest for the year. A turnover of 3.71 million shares was nearly 6 times the average of 671 thousand. There was no news announced intraday on Friday.
Some small-scale news issued last Wednesday stated the company will be hosting an annual meeting of shareholders on July 15, 2011.
