There were many stocks which managed to record handsome gains yesterday and one of those was the CGX Energy (OTCMKTS:CGXEF) stock, which managed to clock gains of as much as 27%.
There was heavy action in the CGX Energy stock despite there being no material news about the company or its business. The last newsworthy development with regards to CGX was back on May 5 when the company announced its financial results for the first fiscal quarter of 2021.
In addition to that, the company also provided important updates with regards to its operations. The co-chairman of the company, Gabriel de Alba stated that the operational and technical teams at the company continued to maintain the pace of the company’s exploration work during the course of the quarter. In addition to that, he stated that the fact that CGX managed to secure additional funds also made it possible for the company to continue its exploration activities at its sites in Guyana.
Market Reaction:
On Wednesday, CGXEF stock jumped 27% to $0.9969 with more than 663K shares, compared to its average volume of 44k shares. The stock has moved within a range of $0.7977 – 1.0000 after opening the trade at $0.80.
| Pivot Points | |||||||
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 0.6608 | 0.7292 | 0.8631 | 0.9315 | 1.0654 | 1.1338 | 1.2677 |
| Fibonacci | 0.7292 | 0.8065 | 0.8543 | 0.9315 | 1.0088 | 1.0566 | 1.1338 |
| Camarilla | 0.9413 | 0.9598 | 0.9784 | 0.9315 | 1.0154 | 1.0340 | 1.0525 |
| Woodie | 0.4965 | 0.6471 | 0.6989 | 0.8494 | 0.9012 | 1.0517 | 1.1035 |
| DeMark | – | – | 0.8973 | 0.9315 | 1.0996 | – | – |
 Stock Extends Rally: Hit $1 Mark){kind=link}