Yesterday, Superior Oil and Gas Co. (PINK:SIOR) conquered the market after a whole day of intensive trading.
Last Friday, SIOR broke the resistance at $0.007 which gave a bullish spark to the stock. Subsequently, the last trading session was marked by another 16% increase of SIOR stock which was supported by heavy volume.
The number of SIOR shares which changed hands yesterday exceeded 6.6 million, which is six times higher than the daily average. SIOR closed the session at $0.0087 after hitting an intraday high at $0.01.
The short volume data published by FINRA indicated that 3.7 million shares were exchanged in short transactions. This means that more than 56% of the total volume generated on Monday was comprised of short trades.
SIOR still hasn’t issued any official news on the OTC Markets bulletin board, and the last report by the company dates back to August this year. However, SIOR published a press release on its corporate website on Wednesday last week.
The publication cited the CEO of SandRidge Energy who said that the Mississippian was the most capital efficient play in the U.S. The CEO also said that “our Mississippian production has performed above our expectations”.
From a technical point of view, apart from the break out above the resistance, SIOR is also supported by the climbing MACD. Moreover, the stock has successfully tested the 50-MA.
In this regard, it seems that SIOR has been influenced positively by technical indicators, even though there was no particular news to provoke the increased trading activity of the stock.
