Antelope Enterprise Holdings Ltd (NASDAQ:AEHL) stock continues to gain momentum on Monday as the stock surged another 20% in the first hour of trading on hefty volume. Today’s rally has been followed up by a 18% rise last week.
So what’s driving up the stock? well, there is no official announcement which could justify the rally. However, considering the technical chart (this year), the stock has often find support at around $2.50 level and sees profit booking at around $4.50-$5 level.
This is not first time that the stock is seeing heavy buying pressure, in early June the stock went up about 50% in just a week. However, the stock pulled back to $2.50 in the next week. So before trading AEHL stock, one must be aware of the high volatility the stock has.
technically, the stock is in breakout as it is trading above the 200-day and 50-day moving averages of $2.78 and $2.92 respectively. The stock has gained almost 72% over the past year and up 65% so far in 2021.
Market Reaction:
As of 10:40, AEHL stock jumped 17% at $3.90 with more than 25.96 million shares, compared to its average volume of 1.24 million shares. The stock had moved within a range of $3.8600 – 4.9500 after opening the trade at $4.21. Over the past 52-week, the stock has been trading within a range of $1.4900 – 7.7000.
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