Many people are wondering what is causing today’s large increase in China Information Technology, Inc. (NASDAQ:CNIT) share price. While the company has not reported any news, the stock is up big on volume over ten times the daily average. So what exactly is the reason for this influx of buyers?
Several technical factors can be attributed to the increase in shares. One of the key moving averages was recently broken to the upside, and there was a very intriguing J-hood pattern that emerged. On top of this, an intraday Ascending Triagle also formed.
Additionally, several online newsletters sent out very bullish emails today, concerning China Information Technology, Inc. (NASDAQ:CNIT), which certainly played a part in todays increase.
The stock is up 35.11% or $0.46, hitting $1.77 per share. About 2.59M shares traded hands or up 663.25% from the average. cnit has declined 81.52% since May 19, 2015 and is currently downtrending. It has underperformed the S&P500 by 79.26%.
China Information Technology, Inc. operates as an Internet service company that provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, healthcare, new media, finance, and transportation sectors in the People’s Republic of China. The company, through its proprietary Cloud-App-Terminal model, provides Â‘Cloud NestÂ’ big data services to the traditional media industry. The company provides integrated smart data platforms to governments, enterprises, and urban users. It also creates Internet ecosystem that enables vertical industry applications with cloud media, cloud meeting, Taoping Net, Tao Meeting, Touch One Pass, Healthcare One Pass, and Shopping One Pass. The company was formerly known as China Information Security Technology, Inc. and changed its name to China Information Technology, Inc. in August 2010. China Information Technology, Inc. is headquartered in Shenzhen, the PeopleÂ’s Republic of China.