We feel that  these shares are technically poised to set new yearly highs breaking out above its $1.30 closing high set on 7-6-16 . Volume has been heavy . Participating number of investors trading the shares is expanding each day.

Independent Technical Analysis

The current price is ABOVE  the 30-day volume weighted average price of $1.12 for TRCH. The share price gives the company a market capitalization of $39.78 million based upon 36.17 million shares outstanding. It also means that TRCH has a price-to-book ratio of 13.94:1. In the past 52 weeks, shares of TRCH have traded as low as $0.42 and as high as $2.44. Technical traders will take note that at $1.20 , shares of TRCH are trading above their 200-day MA at $0.91 and above their 50-day MA at $0.8. 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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