Shares of 88 Energy Ltd (OTCMKTS:EEENF) have been one of the most active stocks over the last month averaging almost 600 million shares a day traded on almost 11.000 trades a day.
But after its fall from grace two weeks ago, EEENF has settled into a narrow trading range.
Traders are asking themselves what now.
Market Action
EEENF ran from .005 in March to a high of .09 in early April then news of a stoppage in their efforts derailed the stock sending it crashing 75% in one day. Since then the stock has traded sideways. The 10-day volume average is 343 million shares a day and daily trade numbers are down to 5837.
Shares of EEENF closed Wednesday’s session at .0159 losing .0003 down 1.8%. Volume was 169 million shares in line with its 5-day average. Potential pivot points to keep an eye on are .017, .018, and .021 above and .0145, .0129 and .0102 below.
With shares trading in such a tight range one of two things are going to happen.
- EEENF will regain some strength on news or the buyers will start to win the daily battles or
- EEENF will get tired as traders lose interest and take their money else where.
With only 2 of the last 12 trading sessions ending green and making slightly lower lows each day EEENF could be headed back to its pre-breakout prices in the .005 area. If EEENF can rally above the .02 area and stay there for a day or so, things could turn.
Only time will tell so put EEENF on your watchlist to see.
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