Last Friday, Sonora Resources Corp (OTC:SURE) got a 5-month volume high. There doesn’t seem to be a fundamental or technical reason for such a move.
At the end of the session, SURE was technically 19.23% up, closing at $0.62 on 476 thousand shares. However, the trading was not active through the whole session. More than 410 thousand of the shares were traded around the $0.51 mark.[BANNER]
Even so, if there were traders who bought on the dip, that might suggest they believe they will be able to profit on those shares. SURE is not currently trading a lot. Even press releases don’t generate too much volume or price increase.
On Jun. 22 SURE announced a geophysics program at the company’s Los Amoles Property had identified multiple potentially significant targets. The positive PR resulted in a volume slightly above the average and a price gain that was gone the very next session.
On the same day, SURE filed an 8-K about the change of the company’s independent registered public accounting firm. The change was actually in the name, as Chang Lee was merged with MNP LLP.
SURE is still in the exploration stage, so it isn’t generating any revenues. Until there is some development that would suggest that SURE will earn some money, trading is more likely to remain at the current level of activity.
