AgFeed Industries, Inc. (FEED) stock rallied 46% on normal volume to close at $0.61. AgFeed Industries, Inc. (FEED) hit a high earlier in the day located at $0.69 which will become resistance for tomorrow.
AgFeed Industries, Inc. (FEED) has been under pressure over the past three months as chinese stocks get slaughtered. The company recently formed a committee to conduct an investigation on accounting practices. FEED stock should recovered if they clear up this issue. If I was trading the stock, I would buy on a break above $0.69 while using a tight stop.
AgFeed Industries, Inc. Establishes Special Committee to Conduct Investigation Into Accounting Practices of Chinese Operations; Announces Appointment of New Director