Market Overview

Magellan Petroleum Bursts Above Weekly High

Shares of Magellan Petroleum (NASDAQ: MPET) are rocketing higher this afternoon, currently trading at $1.83, up by some 7.65%. The stock had been basing under the previous week's high ($1.77) all morning, but has since broken through that level.

Magellan Petroleum has another resistance level at $1.85. If shares could break and hold above that level, however, a move to $2.00-2.20 could be in the cards.

Volume is not that high today, at 1.25x the 10-day daily average volume, which means that shares could still see higher prices.

Note that New Energy Systems Group has 0.71% short interest.

Magellan Petroleum Corporation is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves. As of June 30, 2010, MPC had three operating segments: 100% equity interest in its subsidiary, Magellan Petroleum Australia Limited; 83.5% controlling member interest in Nautilus Poplar, LLC, and a 26.3% working interest in the Poplar Fields in Montana.

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