Yesterday, Universal Bioenergy Inc. (PINK:UBRG) stock confirmed the uptrend. It took almost one trading week to bulls on the company's stock to take absolute dominance.
The trade of UBRG in the middle tier of the OTC market (OTCQB) and the beliefs that it is undervalued have not been the main factors that enabled the share price bounce up from the bottom.
The first candlestick of the upward trend has been drawn by shorters.
Last Friday, Solomon Ali, Universal's Senior Vice President, announced the company's plans for a transition of UBRG to the Over The Counter Bulletin Board (OTCBB). Also, a final preparation for listing of the company's stock on the Frankfurt Stock Exchange has been released.
In addition to the dual listing news, the company's management expressed willingness to change the company's shareholder structure. UBRG plans to attract more long-term shareholders in order to make a balance between short- and long- term investors.
In the same press release has been made a link to the analysts' coverage on UBRG prepared by Rainco Industries. Expressed by Rainco's experts “beliefs that UBRG is undervalued and has the potential to reach $0.47 in the days to come” fueled more hopes and drew in more bulls on UBRG.
The same day, the share price climbed up 4.23% to close at $0.037 per share.