Integrated Environmental Techno., Ltd. (OTC:IEVM
, IEVM message board
) has been pushing up since Thursday and recently demonstrated a breakout upon which a new five year high was reached.
The price movement in March can now be viewed as accumulation period. The price has picked up over 30% in the past two days. The price move occurred on significant volume of 1.45 million and served as a consolidation breakout reaching the new 52-week high.
Supplementary to the appreciation which began in mid November 2009, this has been the second attempt to breach the resistance at $0.28 per share. With the current success further price gains became a considerable possibility.
This is the first time the price broke up past the mentioned resistance since 2005, when it fell under. The current move was initiated by the company's entrance to European market, in October 2009, through agreement with Geneva based Atlas Development, S.A. to sell their EcaFlo technology.
To date the business has not generated enough revenues to sustain the company and positive cash flow has been forced through sales of equity. The company is currently late with their 10-k filing for the year ending 2009. The pending results can have significant impact on the price performance and the filing anticipation was one of the reasons for price stagnation in March.