Nutech Energy Resources Inc (OTCMKTS:NERG) was a notable mover during Wednesday’s trading session rallying by close to 80% on heavy volumes, which were 8 times the daily average. The stock has been unable to move above the resistance zone at $0.0177 but has taken support at level of $0.0057. Nutech Energy currently trades above all daily moving averages, which is a positive. The index for relative strength has given a fresh buy signal, which is considered to be a bullish sign. Traders believe the stock could retest the aforementioned resistance zone in the near term. The MACD indicator is showing signs of a bullish reversal.
Nutech Energy Resources Inc (OTCMKTS:NERG) announced that it would announce a major news regarding the initial testing on IGOR tool. As per the reports, the end results are better than the expectation, which has prompted the company to announce a consolidated news once the market closes on December 3, 2015.
Nutech Energy is planning to disclose various details related to the value of the recently acquired business along with the results of the IGOR tool. Not long ago, it had announced that it would acquire Rocky Mountain and Emerald Operating Exploration Wells, which includes 74 wells, and their lease agreements. In addition to this, Nutech will also acquire the minority stake of Emerald in Mountain Hawk Exploration’s 42 wells.
As of now, Emerald has around 27 IGOR tools of Nutech Energy installed on the exploration location. Enough gas using company’s Natural Gas Production Technology is produced from this location, and sold in the market. However, the production details aren’t available at present. The terms of this agreement include a whopping purchasing price of $500,000 along with common stock, details of which aren’t known to anyone yet. In any case, this volume won’t go beyond 10% of the total issued & outstanding shares.
Reporters tried to get in touch with the senior management executives of Nutech Energy to get any spoiler news ahead of the big announcement but failed miserably. Market experts claim that this news that Nutech Energy is about to disclose in a few hours’ time will set everything right for the company in the future.
Nutech is one of the leading oil and natural gas exploration companies in the world. It’s better known for developing a world-class patented technology that can drive the production of coalbed methane without using pump water.
Further details about its initiatives will be announced from time to time.