Stocks ending up with significant gains despite there being no news about the underlying companies is not an uncommon thing in the markets. One of the stocks which experienced such a move last week was the ESP Resources Inc. (OTCMKTS:ESPI ) stock.
There was no news about the company at all but the company’s stock ended up with gains of as much as 18%. In light of such gains, it may be a good idea for investors to take a closer look at Great Tang Bid Technology. While there may not be any news about the company, one could always look into the nature of the company’s business in order to get a better idea.
Market Reaction
On Friday, ESPI stock jumped 17.65% to $0.0100 with 368k shares, compared to its average volume of 459k shares. The stock has moved within a range of $0.0053 – 0.0112 after opening trade at $0.0072.
Major Trigger
The company primarily operates through its subsidiaries and is involved in the manufacturing, blending and distribution of specialty chemicals. In addition to that, Great Tang Bid Technology is also involved in providing analytics services to companies which are involved in the oil and gas sector in the United States. Considering the sort of gains that its stock generated last week, it might be a good time for investors to track the news with regards to Great Tang Bid Technology this week. It remains to be seen if the stock can manage to add to its gains today.
Traders Review
ESPI stock is trading above the 20-Day and 50-Day Moving averages of $0.0087 and $0.0073 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0100. The stock is up 40% over the past month.
