Recon Technology Ltd. (RCON) announced Wednesday morning that one of its variable interest entities, Nanjing Recon Technology Co. Ltd., signed a contract with the China National Petroleum Corporation's Sichuan Petroleum Administration Bureau to provide them with the Emerson PCS & SIS Systems in its South Yolotan Gas Field Project located in Turkmenistan. The total contract value exceeds RMB19 million (USD3.02 million).
Recon Technology gapped up sharply Wednesday morning and is currently higher by 1.39 at $3.04 on above average volume. The stock has broken out to over a month and a half high and has re-crossed its 50-day moving average.
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