Xinde Technology Co (WTFS) Bounces Back
Shares of Xinde Technology Co (OTC:WTFS) have been showing heavy buying activities over the past couple of days, but WTFS stock is still down 88% for the current year so far.
Last week, WTFS stock started its uptrend and moved higher by 45% in the past one week on increased volume. Yesterday’s volume of 2.13 million shares was the highest intraday volume in the past one month of trading session.
This morning WTFS stock once again gapped up and now trading higher by 20.16% to $0.155 with more than 2 million shares exchanged hands within less than 30 minutes of morning session.
Shares of WTFS had been under severe selling pressure since Mid June, when the stock was hovering around $0.74. The stock posted its biggest intraday fall of 58% on Jun 21, 2011 on heavy volume after the company announced its Preliminary reports on the supply agreement.
WTFS Stock Growing
Within the next one week, WTFS stock slumped further and lost another 75% of its value to $0.09, which was its 52-week low on Jun 30, 2011.
The recent bounce back was long due, as the technical are suggesting that the rebound could be in place.
Last week, WTFS reported its quarterly results for the quarter ended Mar 31, 2011 and said that its revenue slid to $28.16 million, compared to a year ago revenue of $32.55. Net income came at $3.68 million.
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