PEI Worldwide Holdings, Inc., (PINK:PEIW) reversed the downtrend and is showing off a set up for possible price breakout with no directly related news to count on.
The volume of nearly 576 thousand recorded on Monday was well above the 80 thousand average. The rally was in fact accompanied by the heaviest trading in the recorded history of PEIW stock. With a strong buying pressure, the advance has not experienced any retracements yet and is aiming to test an important resistance at 54 cents.
PEIW has been on a steep downtrend since early 2010, and thus the full reversal isn’t very likely to happen, especially without any fundamental changes announced.
The pink sheets listed PEI Worldwide is marked with a “limited information” sign on otcmarkets.com since the company is not filling reports with the SEC. The latest unaudited filings, posted only on otcmarkets.com, are available for the period ending June 30, 2010. [BANNER]
The results of PEIW ventures have not generated any revenues to date, but the company is still holding a decent balance sheet arrangement, with assets slightly topping the liabilities. The exact nature of the assets is however left undisclosed, which makes the provided numbers questionable.
The latest official press release from PEIW said the CEO, Gifford Ludwigsen, began an extensive marketing campaign for their flagship product Thura-Block. The announcement mentioned a would be contract with a Canadian partner, but no follow up disclosures were given yet.
The business does not appear to be worth holding an $18 million market cap, thus the current price advanced should not be able to break the closest resistance if no further updates are provided.
