The Zion Oil & Gas (OTCMKTS:ZNOG) stock was on the move on Monday and ended up with gains of 24%. While the gains made by the stock were attractive, it should be noted by investors that despite the rally, the Zion stock is still down by as much as 40% in June so far.
That said, it is also necessary to point out that there was no fresh news in relation to Zion that might have led to such a rally in the stock yesterday. In this situation, it might be a good idea for investors to take a look at a development from back in April this year.
Back in April the company announced that it successfully drilled in the second section of Megiddo-Jezreel #2 well. However, that is not all. In addition to that, the company also set up a Unit Program that is aimed towards gathering funds for the exploration program from Zion in 2021.
It was a significant development for the company and one that is expected to be watched closely by investors in the coming months. At this point of time, the best course of action for investors is to keep an eye on any fresh news regarding Zion.
Market Reaction:
On Monday, ZNOG stock soared 24% to $3459 with more than 2.47 million shares, compared to its average volume of 1.24 million shares. The stock has moved within a range of $0.2781 – 0.3499 after opening the trade at $0.2950. Over the past 52-week, the stock has been trading within a range of $0.1300 – 1.7400.
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