URSA Major Minerals Incorporated (TSE:UMJ) (PINK:UMJMF) recorded an interesting share price spike by the end of Wednesday, but bulls likely won’t get the chance to see a continuation.
UMJ share price went flying 42.9% on a heaviest trading volume for the past year. 6.7 million shares traded hands which was 21 times more than the average of 315 thousand.
Share price rushed up by the very end of the trading session. The rise was not directly related to the news, although there was one for the day.
The company said on Wednesday they were investigating the actions of so called dissident shareholders who own over 20% of the company’s shares, continue to purchase more stock and decline to account for their actions.
The company has a special meeting of shareholders planned for June 23, 2011 thus more and more specific news are coming out in preparation. Usually traders’ reaction to these announcements is very vague.
Yesterday’s price spike took place over the course of 20 minutes and looked like some pump and dump with short squeezes involved in the fast paced action. The stock bounced back down after touching the resistance at 24.5 cents, further continuation is very unlikely considering the circumstances.
