Although the Petroteq Energy (OTCMKTS:PQEFF) stock has performed strongly in recent weeks, it was not a particularly great time for the stock last week as it ended up with declined of 15%.
However, at the same time, investors need to also keep in mind that over the past month the stock is up by as much as 30%. There was no news about the company last week that might have led to the selloff but it might be a good idea to take a look at the positive trigger in July that resulted in the rally in the first place.
Back on July 28, the company announced that the FEED or Front End Engineering and Design has been concluded by Crosstrails Engineering LLC in relation to a planned 5000 barrels a day production facility that is going to use Petroteq’s Clean Oil Recovery Technology.
It was a major development for the company and it was no surprise that the stock rallied soon after the announcement was made by Petroteq. In addition to that, the FEED study is also involved with a production train for producing 5000 barrels per day from mined oil sands ore.