RE: On balance volume +121,000It really isn't that much action. 750K shares traded. Now up only a penny....that's not gonna make our day. If that's the best this thing does on critical news, we're dead.
Maybe it was simply someone purchasing a large chunk for whatever reason. Plenty of sellers I'm sure. Some probably traded into this stock on the positive mill action by Montrose County. I think we spiked up to 34 or 35 cents. Those traders probably want out as soon as they are even again.
The problem with a company like this (actually announcing they have no interest in promoting themselves, stunning) and a long-term depressed share price is that a long line of sellers gets built up at many price points. Resistance has got to be big as the SP tries to move up on the best of news.