Green Automotive Corp. (OTCMKTS:GACR) Retraces After Freak Spike

After a sudden price surge that saw the price double in the blink of an eye on Wednesday, yesterday’s very brief day of trading pushed Green Automotive Corp. (OTCMKTS:GACR) 19% down to a close of $0.34 per share.

Wednesday’s sudden spike probably blindsided a few traders, as there had been no pumps for the stock and no recent press releases from GACR. The price movement generated a dramatic volume spike too as GACR shifted more shares in a day than it had over the last eight weeks.

The OTCBB tier of the markets was halted for the most part of yesterday’s trading hours due to a problem with current quotes and trading resumed normally at 3 pm. Despite the very short time frame to the closing bell, GACR took an immediate nose dive and after briefly hitting $0.30 per share ended the day 4 cents higher.

Within a single hour of trading GACR shifted much more than its average volume on its way down. Even though the stock recovered briefly before the close, if the red trend had had time to develop over a full session, it could have potentially brought the price far lower.

We already warned that a similar retrace was very likely and the price is still well above its pre-spike level, so today’s session could see GACR dipping lower, should yesterday’s slump maintain its momentum.

Other double-digit movers in yesterday’s short hour of trading include Pan Global Corp. (OTCMKTS:PGLO) who crashed by another 14%, with the pump that targeted the stock losing its footing and bringing the price over 70% down over the course of just three sessions. Allerayde SAB, Inc. (OTCMKTS:ASAB) closed 10% down at $0.35 per share.