Axiom Power Goes Ballistic

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Axiom Power International, an energy storage company,
AXPW
shares are trading sharply higher by $2.14 (over 200%) at $3.20 in Monday's session. At this time, a catalyst for the monster rally has yet to be identified. In a move, best characterized as a high frequency trading frenzy, has the issue trading at its highest level since July 10 when it peaked at $2.92. The following day it found willing sellers at $3.50 and traded as low as $1.03 last week. Interestingly, the issue staged a much more powerful rally back on June 15 and 16, when it rallied from its June 12 close ($1.16) to $12.60 only two session later. However, it fell back to close at $5.07 on the day it peaked. The catalyst for that rally was a 8-LK release revealing a change in terms of some of their outstanding warrants. From that elevated level. ity drifted toward the $1 before soaring in today's session. Today's price action is taking place on much higher than average volume. So far, 3.2M shares have changed hands, compared to its 20 day average of only 169K.
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Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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