Traders were very eager to buy IBC Advanced Alloys Corp (CVE:IB
) (PINK:IAALF) on Friday, yet there was no particular reason for such suddenly increased attention.
IB stock added 29% over the last trading session carrying on a trading volume of 3.76 million, which was 5 times the average 742 thousand. Share price broke out of consolidation range, thus setting a positive sentiment among traders.
Still, the stock sprung up on no particular news, thus the continuation of this rally is questionable. Furthermore, the IB was at the same level in the beginning of 2010, thus there is resistance above the current price of 26 cents and is also adds to the general sentiment - stocks rarely hit new 52-week highs with no favorable news.
Some of the buying pressure might have come from traders watching this stock from the last week. The company announced on May 17 they have opened a new manufacturing facility in Wilmington, Massachusetts.
The facility will mostly favor the engineered materials division of the company as well as increase the general production capacity of the business.