88 Energy Ltd’s (OTC:EEENF) stock is gaining momentum this morning after dull trading in the past week. At the time of writing, EEENF stock is trading higher by 15% with more than 71 million shares traded hands in the first 60 minutes of trading.
The stock had a roller coaster ride in late March as the stock went up from $0.0210 to as high as $0.0919 in just 2 weeks by April 5th.
However, following this big rise the stock crashed 80% on April 6th in a single day after the company revealed a power outage due to equipment failure and other issues that prevented the company from sampling its two highest-prospect zones. As well, further drilling may be required to confirm a discovery.
Since then, the stock has been trading within a narrow range on low volume in absence of any catalyst.
Keep an eye on EEENF stock in the company session if the stock can gain further momentum.