Buoyed by a 2:1 buying spree Wednesday that saw 600,000 shares purchased and just 297,000 sold, ERHC Energy (OTC symbol: ERHE) continued to trade above $0.39 and generated more evidence that the bottom was reached on July 18, as first reported here.
The strong buying did not lift the share price from $0.40, but it did demonstrate that buyers are moving back into the market for the stock with renewed force. There were only 94 trades on Wednesday, so purchases averaged close to 10,000 each.
Between 2:04 and the close, 22 trades saw 273,030 shares purchased and just 51,359 sold. In that time, here were two large purchases, one of 65,000 and one of 50,000, two of 20,000, one of 23,800 and one of 25,000, four of 10,000, one of 6,200 and one of 5,000, and only four of 1,000 or smaller, with the smallest at 500 shares.
On the Sell side, at 2:04 there was one Sell of 20,000, and an hour and a half later two sells of 2,500, and two sales, one of 1,350 and one of 25,000, near the close.
Along with the 2:1 buying ratio for the day, the late selling clearly established that ERHE is a winner in the eyes of some important traders, as it is in mine.
We are not anticipating an enormous one-day gain, as we might otherwise based on a performance like today's, partly because the volume isn't there and partly because we think that some good news that is developing about - pure speculation here - a billion-dollar buyout of ERHC Energy is being very closely held, and will generate only highly informed buying.
If you're already here, just do your best to hold on.
Instead of an upside explosion, then, we are instead looking at, we think, a slow, penny-by-penny, painful climb back to the $0.70s, when perhaps the fuzzy-looking good news will gain definition.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment