EpiCept Corp (PINK:EPCT) has attracted a whole lot of speculative eyes with its sudden upswing which underwent a slight correction in the last trading session. That session was marked with one of the heaviest generated volumes in the last couple of months.
The OTC Markets quote shows that a whopping 450 thousand shares were exchanged during the session on Friday, whereas the 3-month average volume is less than 40 thousand.
The increased market attention towards EPCT stock was most likely produced by the technical configuration of the stock chart because no news or reports were issued along with the surge of EPCT.
EPCT started climbing on Tuesday last week after nearly half a month of testing the support at $0.275. EPCT kept surging the next tow days as well and in the meantime volume was mounting up.
During the three bullish days EPCT made a total 44% surge. Apparently, those who joined EPCT in its ascension decided it was time to cash in some of the gain and thus on Friday, the company’s stock lost 5% of its value under the formed selling pressure.
Next in line, market speculations will likely revolve around the notion whether EPCT will go through a brief consolidation before continuing further down or it will keep the appreciation. The fact that EPCT has just hit an 52-week low gives even more reasons for speculations in this regard.
This stock looks like a real dog by the chart. Theirs a dead cat bounce alright.
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