Banro Goes Boom Boom
By Michael J. Zerinskas
July 20, 2011 3:06 PM
July 20, 2011 3:06 PM
Symbols: BAA
Shares of Banro Corporation (AMEX: BAA) are screaming higher this afternoon; shares were upgraded to Buy at GMP yesterday, sparking a multi-session rally. Currently, shares are higher by 19.86%, trading at $4.95.
Volume has been elevated on the name ever since is broke through the $4.21 resistance level. Banro Corporation is now trading well above the 20-day, 50-day, and 200-day moving averages. Given the high volume specifically on today's session (3.57x the 10-day daily average), a top could be in the making.
Banro Corporation is a Canada-based gold exploration company. Banro holds, through four wholly owned subsidiaries, a 100% interest in four gold properties, known as Twangiza, Namoya, Lugushwa and Kamituga.
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