Early Morning Bid Could Mean Strong Continuation

After massively outperforming during Tuesday’s session, it appears that a Texas-based energy company is bid up yet again as we head toward the final 30 minutes of premarket activity. Shares of Zion Oil & Gas Inc. (OTCQX:ZNOG) are bid up this morning on no headlines, so it could just be a continuation of this week’s rally.

Zion is a United States-based oil and gas exploration and production company. Zion currently holds one active petroleum exploration license onshore Israel, the Megiddo-Jezreel License covering an area of approximately 99,000 acres.

Traders appear to be slightly eager to get their hands on shares of this micro cap as shares are bid up at $0.1975/share (+1.78% implied open for sellers). While this implied open isn’t too crazy, the fact that the bid is occurring a day after the stock ripped up to close at $0.1941 (+43.53%) on Tuesday, we could be in for quite a ride for today’s session.