Contrary to the general foul mood of buyers this morning, shares of Xcel Mobility (OTC: XCLL) managed to gain a couple of pennies at the opening bell. Unfortunately for the people that bought the initial print of the day, the first trade was as high as the stock would go on the day. After 30 minutes had expired in the trading session, the stock traded considerably lower from $0.449 to to just above $0.35.
In a reversal from yesterday when the stock gained 17 cents, XcelMobility ended today’s session down 11 cents, or over 26%, to finish at $0.31. The stock traded as low as $0.28, but managed to rally a bit in the last half-hour of the trading week. The number of shares exchanging hands came in shy of 800,000. Volume on Thursday came in at over 1.3 million shares. Over the last three months, the average daily volume has been around 470,000.
XcelMobility stock has only been actively trading since November 2011. It hit a high of $1.08 in late January. Since February, share prices have fallen from the top like an Olympic ski-jumping hill. Just six trading days ago, the stock printed at $0.105. Friday’s closing price represents a gain of about 200% from the stock’s low trade of the year.
The company’s focus is on developing high speed browsing solutions for mobile phones, tablet PCS, and laptops. XcelMobility presently directs its attention toward the Asian market. On Tuesday, the company announced it had achieved over 1.5 million subscribers in Asia.
OTCPICKS.com in its midday report on July 3, 2012, also noted the announcement about the number of subscribers.
The news on Tuesday apparently caused a stir among buyers before the opening on Thursday. The stock gapped higher yesterday where the low was greater than the high on Tuesday. Recent action in the stock certainly gives traders a lot to digest over the weekend. Do the gains over the last six days represent a real rebound in share prices, or is it just a “dead cat” bounce? Does the gap on Thursday indicate a new resurgence in the stock, or is it signaling buyer exhaustion, especially in light of today where buyers rushed in at the opening and then disappearing as sellers took command? After a wild weekly ride, traders probably welcome the weekend.
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