The past week has seen the Headwater Exploration Inc (TSE:HWX) stock go on a pretty strong move and the trend remained the same on Monday. The stock attracted considerable attention yesterday and ended the day with gains of as much as 5%. It should be noted though that the rally in the stock took the gains made over the past week to as much as 16%.
Trading Data
On Monday, HWX stock moved up 4.72% to C$7.10 with more than 2.38 million shares, compared to its average volume of 1.13 million shares. The stock has moved within a range of C$6.81 – 7.29 after opening trade at C$6.95.
Recent Development
While the gains in the stock may be considerable, it is necessary to point out that there has been no news at all about Headwater in the past week. As a matter of fact, the last time any news emerged about Headwater was back on December 21 last year.
The company announced at the time that it had sent in a call notice to the company Cenovus Energy Marten Hills Partnership for exercising the 15,000,000 warrants for the purpose of picking up common shares in Headwater. Cenovus Energy Marten Hills Partnership is actually a fully owned subsidiary unit of Cenovus Energy Inc. It was a significant development for the company but it is still unclear whether it had any impact on the rally in the stock over the past week.
Technical Data
HWX stock is above the 20-Day and 50-Day Moving averages of C$6.18 and C $5.42 respectively. Moreover, the stock is trading above the 200-Day moving average of C$4.58.
