Torchlight Energy Resources (NASDAQ:TRCH) stock continues to move up again today, extending its week-long rebound. TRCH stock is trading higher by 10.40% at a session high of $2.28.
After falling as much as 70% over the past couple of months, TRCH stock has seen good buying interest with the stock rallying from $1.40 to $2.30 – 65% in 2 weeks.
In December last year, it was announced that Torchlight was going to be merged with Metamaterial. The transaction is aimed at Metamaterial getting a listing in the United States. While the deal is a complex one, it had some advantages for Torchlight shareholders.
However, in March, the company announced that the deal was going to be completed at some point in the second quarter. The news about the possible delay turned the sentiments negative.
Interestingly, TRCH stock has moved up above its 50-Day moving average of $2.19 today. So we may see continuous momentum going forward.
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