Yesterday, Western Canadian Coal Corporation (TSE:WTN), (PINK:WTNCF) stock was loaded with a new 14.74% gain in value on the highest proposed bid being 99% of its latest 52-week high.The spike of WTN stock was drawn on an almost doubled average volume of 8.7 millions shares.
Seems that on the one side investors were inpatient to “finalize” the ongoing WTN price correction, not yet convinced that it is time for a new 52-week high.
On the other side, the shares’ soar was maybe an expression of investors’ appreciation of the company’s Non-Executive Director appointment, released this Tuesday.
It is interesting to mention, that when the last WTN 52-week high was noted, in addition to the reported significant financial results, one of the most important developments in those days was related to the company’s convertible debenture redemption. The process started this April and was successfully finalized in the beginning of June.[BANNER]
This month, investors were also enriched with good news about Western Coal Corp. A 90% increase in the production for the fiscal second quarter and increased production guidance for the fiscal year 2011 blew WTN stock up.
The released analyst meetings with a focus on the company’s efficiency and growth also added value to the shares price.
Today’s trading session will be really hot for investors and important for WTN stock performance. It may present the new 52-week high of the share price. The other possible scenario is the technical correction of yesterday’s rising up.
