Altair Nanotechnologies Inc. (NASDAQ:ALTI
, ALTI message board
) share price has increased by over 50% within only a few trading sessions this month. Apart from the appointment of a new CEO and a bullish pattern formed on the chart, yesterday ALTI got also supported by a trade alert.
The last session closed with a 8.64% increase from the previous close at $0.88, thus ALTI has substantially increased its value in the last four trading sessions. Trading volume yesterday amounted over 577,000 traded shares, which is a few times higher than the daily average. Currently ALTI is moving above the 50-day MA and yesterday it crossed the 200-day MA as well.
Both moving averages seem to reverse to point up, while RSI and MACD confirm that an uptrend could be forming after ALTI share price reached the bottom a few times in March. It looks like the chart pattern that has already formed has attracted traders, and yesterday that has been enhanced by a trade alert on the company. The e-mail that we received does not contain a proper disclaimer, however. It only said the sending website has received a compensation without giving the exact amount.
On April 5 ALTI announced the appointment of Alexander Lee as the company's Chief Executive Officer. Further, it has been announced that the company had a new President appointed at a special meeting held on April 1, 2012.
For now, it is not certain if ALTI rising share price is due to the technical pattern, or to the new appointments to the management. ALTI current market cap of over $61 million exceeds substantially its net tangible assets and even more its annual sales, while the company has no profitable operations to create shareholder value.