ERHC Energy shares today showed strong buying support throughout most of Tuesday on low volume, but as the 3 p.m. witching hour arrived the share price fell back to where it started the day. At 3:38pm EST, volume stood at 366,354 and the last sale was $0.448, slightly below the $0.45 start.
Meanwhile, the price of oil continued to fall despite alleged threats from Iran to shut the Straits of Hormuz (attributed to "a foreign office official" in the Jerusalem Post) and the continuing issues with MEND in Nigeria. A barrel of crude for Feb. 7 delivery fell below the $54 mark to $53.88 in early trading Tuesday, but closed off just $0.35 for the day at $55.74.
A trade of 15,000 shares at $0.395 at 1:07pm EST baffled the kibitzers on the message boards, and there was no explanationfrom ADVFN, either, except that it was a standard NASDAQ trade and could not be identified as either a Buy or Sell. Buys outpaced sells 255,372 to 125,668, with 44,414 trades unidentified.
The last trade for the day went off at $0.455, a half-cent gain on the open.