Volume Spike Detected in Shares of Gran Tierra Energy as They Move Lower on 1.3x Above-Average Volume (GTE)

Published on Wed, 04/24/2013 - 13:17
By Peter Chu in Unusual volume, GTE, amex:gte, gran tierra energy, unusual volume

Gran Tierra Energy's stock is down 0.1% to $5.21 on heavy trading volume. Today's volume of 987,000 shares tops the average 30-day volume of 779,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

In the past 52 weeks, Gran Tierra Energy share prices have been bracketed by a low of $4.00 and a high of $6.65 and are now at $5.21, 30% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

Gran Tierra Energy, Inc. is an international oil and gas exploration and production company. The Company currently holds interests in producing and prospective properties in Colombia, Argentina and Peru.

Gran Tierra Energy has overhead space with shares priced $5.21, or 39.4% below the average consensus analyst price target of $8.59. Gran Tierra Energy shares should first meet resistance at the 200-day moving average (MA) of $5.30 and find additional resistance at the 50-day MA of $5.78.

By Peter Chu
pchu@fnno.com

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