Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Zivo Bioscience Inc (NASDAQ: VIVO) shares were surging again despite the biotech company not making any new announcements today.
Zivo shares are rallying higher for the second time this week following their initial surge higher on Monday, which we covered here.
Just like on Monday, there are no fundamental driver’s behind today’s rally, except for the fact that retail investors are back in full swing to push the company’s stock price higher.
Investors had traded almost 11.6 million Zivo shares at writing, which explains the surge higher than the stock’s average daily traded volume of 612,981 shares.
Zivo shares had so far given up most of the gains accumulated n Monday, which is a common characteristic of parabolic rallies. Still, it appears the bulls are back to push the company’s shares higher.
Some would like to characterise Friday’s and Monday’s rallies in Zivo stock as short squeeze’s, but the outstanding short interest in Zivo shares is relatively minimal.
Still, it seems that investors are keen to see Zivo stock trade higher given Monday’s rally and today’s rally as the trading week draws to a close.
We do not know how long the current rally will last, but day traders may find multiple trading opportunities in the stock due to the high volatility.
Meanwhile, I will be monitoring the stock to see if there are any fundamental drivers behind today’s move and will update readers when such information is available.
*This is not investment advice.
Zivo Bioscience stock price.
Zivo Bioscience stock price was up 116.81% to trade at $7.48, rising from Thursday’s closing price of $3.45.
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