On Wednesday, Bam Bam Resources Corp (OTCMKTS:NPEZF) saw its stock make a strong recovery and end up with gains of as much as 13% for the day. While the recovery may have been quite strong, it is important for investors to keep in mind that that despite the gains yesterday, the Bam Bam stock is still down by 10% over the past week.
Market Reaction
On Wednesday, NPEZF stock ended higher by 12.85% to $0.0357 with more than 352K shares, compared to its average volume of 313K shares. The stock moved within a range of $0.0279 – 0.0361 after opening trade at $0.0279.
Recent News
In this context, it is also important to keep in mind that there has been no news at all about the company in the past week and hence, the price action in the stock may seem speculative to some investors.
The last time the company was in the news was back on March 17 this year when Bam Bam announced that it had been successful in inking a core drilling contract with the firm Falcon Drilling Inc. As per the provisions of the contract, Falcon is going to be involved with the drilling activity at the Majuba Hill Project which is located in Pershing County in Nevada. At the time, it was announced that the drilling activity was going to commence at some point in the middle of April.
Traders Review
NPEZF stock is trading below the 20-Day and 50-Day Moving averages of $0.0432 and $0.0502 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0899.
