Bears and bulls remain in fierce battle as the stock price of Avion Gold Corporation (TSE:AVR
) (PINK:AVGCF) struggles to keep the current position after gaping up in the beginning of the week.
AVR gaped up on Monday and is desperately trying to keep up, despite the intraday action clearly pointing out the stock will be looking to fill the gap.
Trading volume was nearly 6 million on Tuesday, three times above the average, which shows substantial interest in this stock. Heavy trading continued this morning as well - the traded share count was only slightly below the average after only one hour into trading.
The most recent news said the company's management was at the exchange opening on Tuesday to celebrate AVR graduation to the Toronto Stock Exchange. Clearly, the traders greeted the change with the gap up.
There might still be a vague effect from other news as well - the company did announce encouraging gold findings on June 9, 2011. However, the announcement only generated conservative buying pressure back then.
AVR stock remains in a trading range between $1.30 and $1.75. Despite the heavier than normal trading, any breakout is currently out of question.