Shares of Recon Technology Ltd. (Nasdaq: RCON) stock are rebounding after their explosion to $3.29 on Wednesday after a major contract signing. RCON stock price is currently trading at $2.40, up 17.66% from yesterday, on volume of 685,734 . RCON is trading at 14.48% above its 50 day moving average, 112.43% above its 200 day moving average, and an amazing 825.93% above its 52 week low of $0.27.
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RCON Stock Chart:
Market Cap (intraday): 9.48M
(Mar 20, 2012): 4.58
(Nov 30, 2011): 0.27
50-Day Moving Avg: 2.18
200-Day Moving Avg: 1.18
Avg Vol (3 month): 356,832
Avg Vol (10 day): 403,638
Shares Outstanding: 3.95M
% Held by Insiders: 52.46%
Shares in Recon shot to as high as $3,29 when the Company announced Wednesday that one of its variable interest entities signed a major contract with the China National Petroleum Corporation’s Sichuan Petroleum Administration Bureau. The contract calls for Recon to provide the Emerson PCS & SIS Systems in its South Yolotan Gas Field Project in Turkmenistan. According to the Company, the total contract value is worth over $3 million, by far the biggest contract for the Project’s PCS & SIS Systems.
About RCON Stock:
Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years.
Bottom Line: The penny stock has broken through its first resistance point of $2.25 and its second of $2.47 today. Volume on RCON stock is strong having already traded almost 2X the 3 month average. The shares have already surpassed three other technical levels today:
$2.58 – 50% Retracement from 13 Week High/Low
$2.59 – 38.2% Retracement from 4 Week High
$2.64 – Price Crosses 9 Day Moving Average Stalls
RCON is extremely bullish at the moment and could easily top the $3.29 level it touched last week if can close above $2.64 today and continue trading heavy volume. At $3.29, RCON would be a 38.24% gain from its current PPS.
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