Zoom Technologies, Inc. (NASDAQ:ZOOM) has been recuperating for the last two weeks after hitting a 52-week low at the beginning of October.
Over the course of two weeks, ZOOM stock went up from $1.1 to $2.2. During this period ZOOM even managed to overcome a former support level $2 which was maintained throughout August and September.
In fact, this technical breakout happened in the last trading session when ZOOM started at $2 and finished the session at $2.2, which was a 19.7% increase as compared with the previous close.
The last trading session was notable also for its huge trading volume. Nearly 750 thousand shares changed hands during the trading day, which is more than ten times higher than the 3-month daily average volume.
This notably higher trading activity with ZOOM stock was produced by a press release concerned with an acquisition made by the company. An official publication on the OTC Markets showed that ZOOM had signed a definitive agreement to acquire a 555 share of Portable Unlimited LLC.
Apparently, the reverberations of the announcement have also affected today’s session as ZOOM opened the market with a gap at $2.3.
