Midday Update: Torchlight Energy Resources Inc. (TRCH) Charges Ahead 23.89% on November 18

Torchlight Energy Resources Inc. (TRCH) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on November 18. At the lunch break, shares of TRCH have gained 23.89% to $1.4 after closing the day prior at $1.13. In the first two and a half hours of trading, the stock has gone as high as $1.44 and as low as $1.13. Today's rise has come with about 747,086 shares changing hands, compared to an average 30-day volume of 307,667 for Torchlight Energy Resources Inc.. The price is currently below the 30-day volume weighted average price of $1.25 for TRCH.

The share appreciation gives the company a market capitalization of $56.88 million based upon 50.34 million shares outstanding. It also means that TRCH has a price-to-book ratio of 9.72:1.

In the past 52 weeks, shares of TRCH have traded as low as $0.42 and as high as $1.75. Technical traders will take note that at $1.4, shares of TRCH are trading above their 200-day MA at $0.87 and above their 50-day MA at $0.98. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is TRCH?

Torchlight Energy Resources Inc, through its subsidiaries, engaged in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. The company’s 6 employees are led by CEO John A. Brda from the corporate headquarters at 5700 West Plano Parkway in Plano, TX.

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