For the past six months Sun River Energy Incorporated (OTC:SNRV) has been rolling down the hill with worrying speed. Yesterday was one of the few sessions SNRV finished on a positive note.
At the closing bell SNRV traded for $0.92, an impressive 50.82% increase. The volume was also relatively high and almost reached 81 thousand shares. It should be noted, however, that trading wasn’t consistent, and the last recorded trade was approximately an hour before the close.[BANNER]
There have been a couple of other could-be bounces in the months before, but they failed. The latest sharp drop was triggered by an update on the status of SNRV’s Nasdaq application on Dec. 13. Then the company revealed the position of the Nasdaq staff, and traders weren’t too happy about it.
On Dec. 23 the management tried to do something about the free fall of the stock’s price. It released a web power point presentation called “Restoring Shareholder Confidence”. As can be seen on the chart that didn’t help much.
Whether yesterday’s performance could be the start of a real bounce, or it is was just a temporary support level, isn’t yet clear. The outcome is far from clear, and traders may want to keep an eye on the story even just out of curiosity.
